DATA Communications Management Corp. Announces C$25,000,000 Marketed Private Placement Offering
BRAMPTON, Ontario, May 02, 2023 (GLOBE NEWSWIRE) -- DATA Communications Management Corp. (TSX: DCM; OTCQX: DCMDF) (“DCM” or the “Company”) is pleased to announce that it has entered into an agreement with Clarus Securities Inc. as lead agent on behalf of a syndicate of agents (collectively, the “Agents”), whereby the Agents will raise up to C$25,000,000 (the “Offering”) through a “best efforts” private placement of up to 8,333,333 common shares of the Company (the “Common Shares”) to be priced at C$3.00 per Common Share. The Agents shall have an option (the “Agents’ Option”), exercisable in whole or in part, until 48 hours prior to the Closing Date to offer and sell up to an additional 1,666,666 Shares, on the same terms and conditions as the Offering.
- The Company intends to use the net proceeds of the Offering for general corporate and working capital purposes.
- The securities to be issued under this Offering will be offered by way of private placement exemptions in all the provinces of Canada.
- This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.
- Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the issuer and its management, as well as financial statements.