TORONTO, ONTARIO--(Marketwired - April 1, 2015) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Symbility Solutions Inc. (TSX VENTURE:SY) ("Company"), a global software company dedicated to developing cloud-based applications for the insurance industry, has today entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to buy and sell to the public 13,340,000 common shares ("Common Shares") of the Company at a price of $0.33 per Common Share, for gross proceeds to the Company of approximately $4.4 million (the "Offering"). The Underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 2,001,000 Common Shares of the Company. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be approximately $5.1 million. Closing of the Offering is expected to occur on or about April 23, 2015 and is subject to regulatory approval including that of the TSX Venture Exchange.
The Common Shares to be issued under the Offering will be offered by way of a short form prospectus in all provinces in Canada, except Quebec, and certain other jurisdictions.
The net proceeds of the Offering will be used for general corporate and working capital purposes.
"We are pleased to replenish a portion of the cash to our balance sheet that was just deployed in connection with our transaction with The Innovation Group," stated James Swayze, CEO, Symbility Solution. "We feel that these funds will give us the financial flexibility we need to pursue additional opportunities over time."
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Symbility Solutions Inc.
Symbility Solutions® (TSX VENTURE:SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.
Caution Regarding Forward-Looking Information
This press release may contain forward-looking statements with respect to the Company, its products and operations and the contemplated financing. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.
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.
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