An anonymous director reports
CONVERGE TECHNOLOGY SOLUTIONS CORP. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED BOUGHT DEAL FINANCING AND EXERCISE OF OVER-ALLOTMENT OPTION
Converge Technology Solutions Corp. has closed its previously announced offering of common shares. The offering consisted of 24,552,500 common shares of the company at a price of $10.55 per offered share for gross proceeds to the company of $259,028,875, which includes the full exercise of the overallotment option by the underwriters, before deducting underwriters' fees and estimated offering expenses.
Canaccord Genuity Corp., as sole book runner, and Scotia Capital Inc. and CIBC World Markets Inc. led the syndicate of underwriters for the offering, which included Desjardins Securities Inc., Eight Capital, Cormark Securities Inc., Echelon Wealth Partners Inc., Laurentian Bank Securities Inc., Raymond James Ltd., Stifel Nicolaus Canada Inc. and Paradigm Capital Inc.
Converge intends to use the net proceeds from the offering for acquisitions, working capital and other general corporate purposes.
The offering was conducted in each of the provinces of Canada by way of a prospectus supplement dated Aug. 26, 2021, to the company's short-form base shelf prospectus dated July 12, 2021, and elsewhere on a private placement basis. The prospectus supplement was filed with the securities regulatory authorities in each of the provinces of Canada on Aug. 26, 2021, and is available on SEDAR under the company's profile.
About Converge Technology Solutions Corp.
Converge is a software-enabled IT and cloud solutions provider focused on delivering industry-leading solutions and services. Converge's regional sales and services organizations deliver advanced analytics, cloud and cybersecurity offerings to clients across various industries. The company supports these solutions with managed services, digital infrastructure and talent expertise offerings across all major IT vendors in the marketplace. This multifaceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors.
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