OTTAWA, Sept. 12, 2013 /CNW/ - Magor Corporation ("Magor" or the "Company") (TSX-V: MCC), a global leader in visual
collaboration solutions, today announced that it intend to raise up to
$2,000,000 by way of private placement of up to 6,666,666 units (the
"Units"), with the ability to increase at Company's discretion. Each
unit will be priced at $0.30 and consist of one common share and one
common share purchase warrant. Each common share purchase warrant will
entitle the holder to purchase one additional common share of the
Company at a price of $0.60 for a period of three years from the date
of issue. The syndicate, led by Jacob Securities Inc. and which
includes Macquarie Private Wealth Inc. (the "Syndicate"), is offering
the Units on a "best efforts" basis. The Syndicate is pleased to
announce that with the offering largely subscribed for already, there
is a high degree of confidence that the offering will be fully
subscribed for by new institutional investors. The Syndicate and Magor
reserve the right to allocate a portion of the offering to existing
retail investors as required.
Magor intends to use the gross proceeds from the offering to accelerate
the growth opportunity associated with the Company's Aerus cloud-based
video collaboration solutions, which will be fully launched this fall.
The Company may consider additional financing to accelerate the growth
of Aerus.
"We are seeing great appetite building up for Aerus with service
providers that are interested in taking our cloud-based video
collaboration solutions to their enterprise and government customers,"
said Mike Pascoe, President and CEO of Magor Corporation. "Even though
we have sufficient cash to support our needs today, we have decided to
raise additional funds to support our marketing initiatives and ensure
accelerated growth of Aerus. Further, the introduction of new
institutional investors into Magor and the ability to attract research
coverage will ensure that we create the most value for our
shareholders."
The offering remains subject to the approval of the TSX Venture Exchange
and the satisfaction of other customary closing conditions. All
securities issued pursuant to the offering (and any underlying
securities) will be subject to a four-month hold period, commencing at
closing.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, or for
an account or benefit of U.S. persons (as such term is defined in
Regulation S under the United States Securities Act of 1933, as
amended).
About Magor Corporation:
Magor enables people to engage in high-quality visual conversations
while simultaneously sharing, viewing and editing relevant
collaborative material on desktops, laptops, tablets, smartphone
applications, whiteboards and other devices. Magor fits any workflow so
that users have the freedom to work together naturally anytime,
regardless of location, network or device. To find out more about Magor
Corporation (TSX-V: MCC), visit our website at http://www.magorcorp.com.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute "forward-looking
statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Investors are cautioned not to put undue reliance on forward looking
statements. Except as required by law, Amaya does not intend, and
undertakes no obligation, to update any forward-looking statements to
reflect, in particular, new information or future events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Magor Corporation
