TORONTO, ON--(Marketwired - April 23, 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 property and health insurance industries, is pleased to announce that it has closed its previously announced public offering (the "Offering") of 15,341,000 common shares of the Company at a price of $0.33 per Common Share, for gross proceeds of $5.1 million including the over-allotment option. The Offering was conducted through a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited, Salman Partners Inc., and Paradigm Capital Inc.
CoreLogic®, Inc. (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, located in Irvine, Calif. has exercised its preemptive right under a certain security holder agreement dated April 10, 2012 to acquire 6,335,073 common shares at a price of $0.33 per common share, for additional gross proceeds to the Company of approximately $2.1 million including the over-allotment option and is expected to close by April 27, 2015.
The Offering was made by way of a short form prospectus (the "Prospectus") dated April 17, 2015 filed with securities regulatory authorities of Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan. The Prospectus and other documents filed by the Company and referred to therein are available under the Company's profile on SEDAR at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Symbility intends to use the net proceeds from the Offering for general corporate and working capital purposes and will serve to bolster the Company's cash position following the Company's recent acquisition of The Innovation Groups UK Symbility business.
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, delay in the settlement of the CoreLogic Inc. subscription 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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