TORONTO, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Softchoice Corporation (“Softchoice” or the “Company”) (TSX: SFTC), is pleased to announce today that the Company, along with certain funds managed by Birch Hill Equity Partners (the “Birch Hill Selling Shareholders”), Keika Limited (the “Keika Selling Shareholder”) and certain of the Company's employees and directors (the “Individual Selling Shareholders”, and, together with the Birch Hill Selling Shareholders and the Keika Selling Shareholder, the “Selling Shareholders”), have entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and Goldman Sachs Canada Inc., pursuant to which the underwriters have agreed to purchase, in aggregate, 5,085,000 common shares of the Company (the “Common Shares”) at a price of $29.50 per Share (the “Issue Price”) and offer them to the public for total gross proceeds of approximately $150 million (the “Offering”).
- Under the agreement, 360,423 Common Shares will be issued from treasury by Softchoice for gross proceeds of approximately $11 million (the Treasury Offering) and an aggregate of 4,724,577 Common Shares will be sold by the Selling Shareholders for aggregate gross proceeds to the Selling Shareholders of approximately $139 million (the Secondary Offering).
- The Company will not receive any proceeds from the sale of Common Shares associated with the Secondary Offering.
- If the Option is exercised in full, the aggregate gross proceeds of the Treasury Offering and Secondary Offering will be approximately $11 million and $162 million, respectively.
- Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as at the date made