NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE U.S.
VANCOUVER, BC, March 28, 2022 /CNW/ - LITE ACCESS
TECHNOLOGIES INC. (the "Company") (TSXV: LTE) (OTC PINK:
LTCCF) is pleased to announce that it has closed its
previously announced non-brokered private placement by issuing
8,355,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of $835,500 (the "Financing").
Each Unit consists of one common share of the Company and one
share purchase warrant (each a "Warrant"), with each Warrant
entitling the holder to purchase one additional common share for a
period of two years from the date of the issue at an exercise price
of $0.15 per share, subject to an
accelerated expiry if the volume weighted average price of the
Company's shares is equal to or greater than $0.25 per share for a period of 30 consecutive
trading days (the "Acceleration Event"). The Company will
give notice to the holders of the Acceleration Event and the
Warrants will expire 30 days thereafter.
All securities issued under the Financing are subject to a
four–month and one day statutory hold period expiring on
July 26, 2022. The Company paid
finders fees totalling $57,535 and
issued a total of 574,350 Warrants.
The proceeds of the Financing will be used to fund growth
initiatives and for working capital purposes.
This news release does not constitute an offer to sell, or
solicitation of an offer to buy, nor will there be any sale of any
of the securities offered in any jurisdiction where such offer,
solicitation or sale would be unlawful, including the United States of America. The securities
being offered as part of the Financing have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly may not be offered or sold in the United States except in compliance with
the registration requirements of the U.S. Securities Act and any
applicable state securities laws, or pursuant to available
exemptions therefrom.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of
innovative and proven micro/narrow trenching technologies,
alternate methods of deployment and specialist products which
transform the cost the network deployment for telecommunications
operators.
As part of its suite of services Lite Access provides clients
with integrated solutions or select components for the design and
implementation of fibre optic networks. Lite Access' products
have been deployed in many high-profile communication networks
including Olympic facilities, military and government, numerous
communities throughout the United
Kingdom, the USA and
Canada as well as global
telecommunications companies that have adopted Lite Access as the
"solution of choice" for the least invasive, most cost effective
and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products
extend a network provider's ability to deliver true broadband
connectivity directly to end-users, such as homes, businesses,
government and educational institutions, and emergency response
facilities. Lite Access remains flexible and innovative in its
commitment to provide global clients and partners with the most
cost effective and proven fibre connectivity solutions
available.
www.liteaccess.com
Forward Looking Information
This news release contains statements that, to the extent
they are not recitations of historical fact, may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities laws. Lite Access uses words such as "may",
"would", "could", "will", "likely", "expect", "believe", "intend"
and similar expressions to identify forward-looking statements. Any
such forward-looking statements are based on assumptions and
analyses made by Lite Access in light of its experience and its
perception of historical trends, current conditions and expected
future developments. However, whether actual results and
developments will conform to Lite Access' expectations and
predictions is subject to any number of risks, assumptions and
uncertainties. Many factors could cause Lite Access' actual
results to differ materially from those expressed or implied by the
forward-looking statements contained in this news release. Such
factors include, among other things: risks and uncertainties
described in Lite Access's most recent Management Discussion &
Analysis (MD&A) for the financial year ended September 30, 2021 which can be accessed at
www.sedar.com. The "forward-looking statements" contained herein
speak only as of the date of this press release and, unless
required by applicable law, Lite Access undertakes no obligation to
publicly update or revise such information, whether as a result of
new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Lite Access Technologies Inc