OTTAWA, Sept. 12, 2013 /CNW/ - Magor Corporation ("Magor"
or the "Company") (TSX-V: MCC), a global leader in visual
collaboration solutions, today announced that it intend to
raise up to $2,000,000 by way
of private placement of up to 6,666,666 units (the "Units"), with
the ability to increase at Company's discretion. Each unit will be
priced at $0.30 and consist of one
common share and one common share purchase warrant. Each common
share purchase warrant will entitle the holder to purchase one
additional common share of the Company at a price of $0.60 for a period of three years from the date
of issue. The syndicate, led by Jacob Securities Inc. and which
includes Macquarie Private Wealth Inc. (the "Syndicate"), is
offering the Units on a "best efforts" basis. The Syndicate is
pleased to announce that with the offering largely subscribed for
already, there is a high degree of confidence that the offering
will be fully subscribed for by new institutional investors. The
Syndicate and Magor reserve the right to allocate a portion of the
offering to existing retail investors as required.
Magor intends to use the gross proceeds from the
offering to accelerate the growth opportunity associated with the
Company's Aerus cloud-based video collaboration solutions, which
will be fully launched this fall. The Company may consider
additional financing to accelerate the growth of Aerus.
"We are seeing great appetite building up for
Aerus with service providers that are interested in taking our
cloud-based video collaboration solutions to their enterprise and
government customers," said Mike
Pascoe, President and CEO of Magor Corporation. "Even though
we have sufficient cash to support our needs today, we have decided
to raise additional funds to support our marketing initiatives and
ensure accelerated growth of Aerus. Further, the introduction of
new institutional investors into Magor and the ability to attract
research coverage will ensure that we create the most value for our
shareholders."
The offering remains subject to the approval of
the TSX Venture Exchange and the satisfaction of other customary
closing conditions. All securities issued pursuant to the offering
(and any underlying securities) will be subject to a four-month
hold period, commencing at closing.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy securities in
the United States, or for an
account or benefit of U.S. persons (as such term is defined in
Regulation S under the United States Securities Act of 1933, as
amended).
About Magor Corporation:
Magor enables people to engage in high-quality
visual conversations while simultaneously sharing, viewing and
editing relevant collaborative material on desktops, laptops,
tablets, smartphone applications, whiteboards and other devices.
Magor fits any workflow so that users have the freedom to work
together naturally anytime, regardless of location, network or
device. To find out more about Magor Corporation (TSX-V: MCC),
visit our website at http://www.magorcorp.com.
Disclaimer in regards to Forward-looking
Statements
Certain statements included herein constitute
"forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Investors are cautioned not to put undue reliance on
forward looking statements. Except as required by law, Amaya does
not intend, and undertakes no obligation, to update any
forward-looking statements to reflect, in particular, new
information or future events.
Neither 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 Magor Corporation
