/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
LAVAL, QC, Feb. 27, 2014 /CNW Telbec/ - Ergoreasearch Ltd. (TSXV: ERG)
(the "Corporation" or "Ergoresearch") announced today the closing of the previously announced secondary
offering of 15,000,000 common shares at a price of $1.00 per share by
two of its shareholders, Danielle Boucher and Société en commandite
Soccrent Nouvelles Technologies, (the "Secondary Offering") and the
closing by the Corporation of a treasury offering of 5,000,000 common
shares at a price of $1.00 (the "Treasury Offering") pursuant to the
exercise by the underwriters of their option to purchase such shares
under the terms of the agreement announced on February 11, 2014 with an
underwriting syndicate led by GMP Securities L.P. and which includes
Laurentian Bank Securities Inc. (collectively the "Underwriters").
The common shares purchased under the Secondary Offering and the
Treasury Offering were purchased on a private placement basis pursuant
to exemptions from the prospectus requirements under appplicable
securities laws and are subject to a four month hold period which will
last until (and including) June 27, 2014. The net proceeds of the
Secondary Offering were paid directly to the selling shareholders. The
Corporation has not received any proceeds from the Secondary Offering.
The proceeds from the Treasury Offering will be used for general and
working capital purposes. The Selling Shareholders, with respect to the
common shares sold by them under the Secondary Offering, and the
Corporation, with respect to the common shares issued and sold under
the Treasury Offering, paid to the Underwriters a cash commission that
did not exceed 5% of the gross proceeds raised under such offerings.
Prior to the transaction, Danielle Boucher held 14,045,500 common shares
of the Corporation, representing approximately 20.0 % of the issued and
outstanding common shares. Following the closing of the offering,
Danielle Boucher now holds 1,945,500 common shares. This transaction
was effected by Danielle Boucher for personal financial planning
reasons and Danielle Boucher has no pre-determined intention with
respect to future acquisitions or sales of common shares of the
Corporation. An early warning report was filed on February 12, 2014
describing the change in Mrs. Boucher's holdings and may be accessed on
www.sedar.com. Prior to the transaction, Soccrent held 2,900,000 common shares of the
Corporation, representing approximately 4.1 % of the issued and
outstanding common shares. Following the closing of the offering,
Soccrent no longer holds any common shares.
Forward-Looking Statements
This press release contains forward-looking statements. Statements based
on Ergoresearch's management's current expectations contain known and
unknown inherent risks and uncertainties and no assurance can be given
that potential future results or circumstances will be achieved or will
occur. The reader should not place undue faith in forward-looking
information. Management disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or circumstances.
About Ergoresearch
Ergoresearch has developed Quebec's leading network of orthotics
clinics, with over 100 corporate and satellite centres under the
Clinique du pied Équilibre, Orthoconcept, Podotech and Laboratoire
Langelier banners. The leading manufacturer of "intelligent" foot
orthotics and specialty orthotics, it is a trend-setter in creating
durable medical equipment and software for the orthopedics market.
Ergoresearch has developed and commercialized Expert-Fit™, the first
robotized custom-fit orthotics manufacturing software program, launched
the first Living Lab in Canada and more recently, a new generation of
world -patented orthotic device called the OdrA, that revolutionizes
the treatment of pain associated with knee osteoarthritis. Ergoresearch
Ltd is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Ergoresearch Ltd
