/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
MARKHAM, ON, July 23, 2020 /CNW/ - Sangoma Technologies
Corporation (TSXV: STC) (the "Company" or
"Sangoma") is pleased to announce that in connection with
its previously announced underwritten public offering, the Company
and a syndicate of underwriters led by Cormark Securities Inc. (the
"Lead Underwriter"), and including Acumen Capital
Finance Partners Limited, PI Financial Corporation, CIBC World
Markets Inc., INFOR Financial Inc., Beacon Securities Limited and
Canaccord Genuity Corp. (collectively, the "Underwriters")
have agreed to increase the size of the offering. The Company
will now issue 30,440,000 common shares (the "Common
Shares") from the treasury of the Company, at a price of
$2.30 per Common Share for total
gross proceeds of approximately $70
million (the "Offering").
In addition, the Company and the Underwriters have also agreed
to increase the over-allotment option granted to the Underwriters
(the "Over-Allotment Option") to purchase up to an
additional 15% of the Common Shares of the Offering on the same
terms exercisable at any time up to 30 days following the closing
of the Offering, for market stabilization purposes and to cover
over-allotments, if any.
The net proceeds of the Offering shall be used to fund any
future acquisitions, for debt repayment, and for general corporate
purposes.
Closing of the Offering is expected to occur on or about
July 30, 2020 and is subject to
regulatory approval including that of the TSX Venture Exchange
("TSXV").
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release
does not constitute an offer of securities for sale in the United States. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States absent registration under
U.S. federal and state securities laws or an applicable exemption
from such U.S. registration requirements.
About Sangoma Technologies Corporation
Sangoma Technologies is a trusted leader in delivering Unified
Communications and Unified Communications as a Service (UCaaS)
solutions for SMBs, Enterprises, OEMs, Carriers and service
providers. Sangoma's globally scalable offerings also include
industry leading Voice-Over-IP solutions, which together provide
seamless connectivity between traditional infrastructure and new
technologies. Sangoma's products and services are used in leading
PBX, IVR, contact center, carrier networks and data-communication
applications worldwide. Businesses can achieve enhanced levels of
collaboration, productivity and ROI with Sangoma. Sangoma is the
primary developer and sponsor of the Asterisk project, the world's
most widely used open source communications software and FreePBX,
the world's most widely used open source PBX software. Everything
Connects, Connect with Sangoma!
Founded in 1984, Sangoma Technologies Corporation is publicly
traded on the TSX Venture Exchange (TSX VENTURE: STC).
Additional information on Sangoma can be found by visiting
https://www.sangoma.com.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains forward-looking statements,
including statements regarding the future success of our business,
development strategies and future opportunities. When used in this
news release, the words such as "could", "plan", "estimate",
"expect", "intend", "may", "potential", "should" and similar
expressions indicate forward looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
plans, intentions or expectations upon which they are based will
occur. By their nature, forward-looking statements are based on the
opinions and estimates of management on the date that the
statements are made and involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts,
projections and other events contemplated by the forward-looking
statements will not occur or will differ materially from those
expected. Although Sangoma believes that the expectations
represented by such forward-looking statements are reasonable based
on the current business environment, there can be no assurance that
such expectations will prove to be correct as these expectations
are inherently subject to business, economic and competitive
uncertainties and contingencies. Some of the risks and other
factors which could cause results to differ materially from those
expressed in the forward-looking statements include, but are not
limited to risks and uncertainties associated with the COVID-19
pandemic, changes in exchange rate between the Canadian Dollar and
other currencies, the variability of sales between one reporting
period and the next, changes in technology, changes in the business
climate in one or more of the countries that Sangoma operates in,
changes in the regulatory environment, the rate of adoption of the
Company's products in new markets, the decline in the importance of
the PSTN and new competitive pressures. The forward- looking
statements contained in this press release are expressly qualified
by this cautionary statement and Sangoma undertakes no obligation
to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required
by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Sangoma Technologies Corporation
