Converge Technology Solutions Corp. Announces the Closing of Portage CyberTech Non Brokered Private Placement
GATINEAU, Qubec and TORONTO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Converge Technology Solutions Corp. (Converge or the Company) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to announce that Portage CyberTech Inc. (Portage CyberTech), its recently formed cybersecurity-focused SaaS entity, has closed a non-brokered private placement.
- GATINEAU, Qubec and TORONTO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Converge Technology Solutions Corp. (Converge or the Company) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to announce that Portage CyberTech Inc. (Portage CyberTech), its recently formed cybersecurity-focused SaaS entity, has closed a non-brokered private placement.
- Portage CyberTech issued 43,750,000 common shares at a price of $0.80 per common share for gross proceeds to Portage of $35 million (the Private Placement).
- Upon completion of the Private Placement, Converge owns approximately 53% of Portage CyberTech, based on a $75 million valuation following completion of the Private Placement.
- Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services.