OTTAWA,
Oct. 11, 2013 /CNW/ - Magor
Corporation ("Magor" or the "Company") (TSXV: MCC), a global leader
in visual collaboration solutions, today announced that it has
closed its previously announced (see September 12th and September 26th News Releases) brokered
private placement for aggregate gross proceeds of $1,452,325 ("the "Offering"), subject to receipt
of the TSX Venture Exchange's final acceptance. In connection with
the Offering, the Company issued a total of 5,809,300 units (the
"Units") at a price of $0.25 per
Unit. Each Unit consisted of one common share and one-half common
share purchase warrant. Each whole share purchase warrant entitles
the holder to purchase one additional common share at a price of
$0.40 per share, for a period of 3
years following the closing date of the Offering. In accordance
with applicable securities laws, the securities issued in
connection with the Offering are subject to a minimum four month
hold period, expiring on February 12,
2014. The brokered private placement was led by Jacob
Securities Inc. and included as part of the syndicate, Macquarie
Private Wealth Inc. (the "Syndicate"), and resulted in the issuance
of 302,204 broker warrants to the syndicate. Total cash
compensation payable to the Syndicate was $94,401.13, a portion of this compensation was
payable through the issuance of an additional 65,000 Units. In
conjunction with the financing, a number of existing investors
swapped their freely trading shares for the newly issued shares,
which are subject to a statutory four month hold.
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.
"With this equity financing behind us, we are
now in a stronger position to expand our Aerus cloud-based visual
collaboration services through major global carriers and solutions
integrators," said Mike Pascoe, the
President and CEO of Magor Corporation. "We have been successful at
securing requests for service trials with more than 20 carriers and
solutions integrators around the globe, and this list continues to
grow. We are also excited that the Magor story attracted a number
of very reputable Canadian institutional investors to participate
in this financing, and we look forward to working closely with
them."
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, Magor 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
