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(VSE-CBX) - CORTEX BUSINESS SOLUTIONS INC Retour
Date Heure Manchette
31 Mai 2011 10:23 Cortex Business Solutions Inc. Announces Closing of $7.5 Million Bought Deal Financing
CALGARY, ALBERTA--(Marketwire - May 31, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES

Cortex Business Solutions Inc. (TSX VENTURE:CBX) (the "Company") is pleased to
announce that it has completed its previously announced $7,500,150 bought deal
offering (the "Offering"), with a syndicate of underwriters led by Stonecap
Securities Inc. and including Wolverton Securities Ltd. and Byron Capital
Markets Ltd. (collectively, the "Underwriters"). Today the Company issued a
total of 16,667,000 units (the "Units") at a price of $0.45 per Unit for total
gross proceeds of $7,500,150. Each Unit consists of one common share ("Common
Share") and one-half common share purchase warrant (each whole warrant, a
"Warrant"). Each whole Warrant entitles the holder to acquire one Common Share
at a price of $0.60 until November 30, 2012. In circumstances where the
closing sale price of the Common Shares on the TSX Venture Exchange is greater
than $0.75 per share for a period of 20 consecutive trading days at any time
after the Closing, the Company may accelerate the expiry date of the Warrants
by giving notice to the holders thereof, and in such case the Warrants will
expire on the 30th day after the date on which such notice is given by the
Company. The securities issued pursuant to the Offering are subject to a
statutory hold period of four months plus one day from the date of issue.

In connection with the Offering, the Company issued a total of 1,333,360
broker warrants ("Broker Warrants") to the Underwriters. Each Broker Warrant
entitles the Underwriters to acquire a Unit at a price of $0.45 per Unit until
November 30, 2012.

Net proceeds of the Offering will be used for expanding marketing and business
development in the United States, sector expansion, working capital and
general corporate purposes.

Readers' Advisory

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of securities
in any state in the United States in which such offer, solicitation or sale
would be unlawful. The securities referred to herein have not been and will
not be registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press release may
contain statements within the meaning of safe harbour provisions as defined
under United States Securities Laws and Regulations. The above statements are
based on the current expectations and beliefs of the Company's management and
are subject to a number of risks and uncertainties that may cause the actual
results to differ materially from those described above.

Forward Looking Information

This news release contains certain "forward-looking information" within the
meaning of such statements under applicable securities law including
statements relating to the Offering.

Forward-looking information is frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate", "estimate",
"may", "will", "potential", "proposed" and other similar words, or statements
that certain events or conditions "may" or "will" occur. These statements are
only predictions. Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the
forward-looking statements. Actual timelines associated may vary from those
anticipated in this news release and such variations may be material. The
Company undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change, unless
required by law. The reader is cautioned not to place undue reliance on this
forward-looking information.


Contact:

Cortex Business Solutions Inc.
Mr. Ryan Lailey
VP of Business Development & Corporate Strategy
(403) 219-1504
investor-relations@cortex.net
www.cortex.net




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