Mr. Luc Filiatreault reports
MEDIAGRIF ANNOUNCES UPSIZE OF ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FINANCING TO C$15 MILLION
In connection with Mediagrif Interactive Technologies Inc.'s previously announced bought deal private placement offering, the company and a syndicate of underwriters led by Echelon Wealth Partners Inc. and including Acumen Capital Finance Partners Ltd., Desjardins Securities Inc. and Laurentian Bank Securities Inc. have agreed to increase the size of the offering. The company will now issue 2,727,300 common shares from treasury at a price of $5.50 per common share for gross proceeds of approximately $15-million.
The company has granted the underwriters an option to purchase up to an additional 15.0 per cent of the common shares sold under the offering at the issue price. The underwriters' option may be exercised in whole or in part to purchase common shares upon written notice to the company at any time up to 48 hours prior to the closing date of the offering.
Luc Filiatreault, president and chief executive officer of Mediagrif, commented: "We are very pleased with this significant upsizing. It's not every day you get a 50-per-cent increase during a pandemic! This further confirms the confidence in the significant growth potential of our e-commerce and strategic sourcing activities, as well as the market's appetite for this type of commerce technology provider."
The company intends to use the net proceeds of the offering for working capital and general corporate purposes.
The offering will be completed: (i) by way of a private placement exemption in all of the provinces and territories of Canada; (ii) on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended; and (iii) outside Canada and the United States on a basis which does not require the qualification or registration of any of the company's securities under domestic or foreign securities laws.
The offering is expected to close on or about May 21, 2020, or such other date as the company and Echelon may agree upon, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Toronto Stock Exchange.
About Mediagrif Interactive Technologies Inc.
Mediagrif enables the flow of commerce by providing a broad set of software-as-a-service solutions that optimize and accelerate commercial interactions between buyers and sellers. Its platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. The company's strategic sourcing, e-commerce, supply chain collaboration and e-marketplace solutions are supported by a strong and dedicated team of more than 500 employees based in Canada, the United States, Denmark, Ukraine and China.
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