CALGARY, ALBERTA--(Marketwired - Sept. 24, 2014) -
NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Sylogist Ltd. ("Sylogist" or the "Company") (TSX VENTURE:SYZ) is pleased to announce that it has closed its previously announced bought deal private placement of 2,500,000 common shares of the Company ("Common Shares") at a price of $11.00 per Common Share for total gross proceeds of $27,500,000 (the "Offering").
The Offering was underwritten by Acumen Capital Finance Partners Limited, who was paid a fee equivalent to 6% of the gross proceeds of the Offering.
Sylogist intends to use the proceeds from the Offering to increase working capital to allow for business expansion through organic growth initiatives and strategic acquisitions. The Common Shares issued under the Offering are subject to a four month hold period from the date of the closing of the Offering.
About Sylogist
Sylogist is a technology innovation company which, through strategic acquisitions, investments and operations management, provides Enterprise Systems and Supply Chain intellectual property solutions to a wide range of public and private sector customers.
The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
Forward-looking Statements
This news release contains forward-looking information or statements ("forward-looking statements") which is not comprised of historical facts. These statements typically use words such as prospects, believe, estimate, forecast, project, expect, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the forecasts, projections and other forward-looking statements will not be achieved or will prove inaccurate. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include statements with respect to the use of proceeds from the Offering. Material assumptions and factors that could cause actual results to differ materially from such forward-looking statements include the failure to obtain final approval from the TSX Venture Exchange and the determination by Sylogist to use the proceeds of the Offering for alternate purposes. Although Sylogist believes that the material assumptions and factors used in preparing the forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.
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