GATINEAU, QC and TORONTO, Jan. 15,
2021 /CNW/ - Converge Technology Solutions Corp. ("Converge"
or the "Company") (TSXV: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased
to announce the closing of its previously announced offering of
common shares (the "Offering"). The Offering consisted of
17,825,000 common shares of the Company ("Offered Shares") at a
price of $4.85 per Offered Share for
gross proceeds of $86,451,250, which
includes the full exercise of the over-allotment option by the
underwriters, before deducting the underwriters' fees and estimated
offering expenses.
Canaccord Genuity Corp. and Echelon Wealth Partners Inc. led the
syndicate of underwriters for the Offering, which included
Desjardins Capital Markets, Eight Capital, Raymond James Ltd.,
Laurentian Bank Securities Inc., Paradigm Capital Inc. and
Scotiabank.
Converge intends to use the net proceeds from the Offering for
acquisitions, working capital and other general corporate
purposes.
The Offering was conducted in each of the provinces of
Canada by way of a prospectus
supplement dated January 7, 2021 to
the Company's short form base shelf prospectus dated July 8, 2019 (the "Prospectus Supplement") and
elsewhere on a private placement basis. The Prospectus Supplement
was filed with the securities regulatory authorities in
Canada on January 7, 2021, and is available on SEDAR under
the Company's profile at www.sedar.com.
The Offered Shares 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. Accordingly,
the Offered Shares may not be offered or sold within the United States, its territories or
possessions, any state of the United
States or the District of
Columbia (collectively, the
"United States") except in transactions exempt from the
registration requirements of the U.S. Securities Act and applicable
state securities laws. This press release does not constitute an
offer to sell or a solicitation of an offer to buy any Offered
Shares within the United
States.
About Converge
Converge Technology Solutions Corp. is
a North American software-enabled, Hybrid IT solution provider
focused on delivering industry-leading solutions and services.
Converge's regional sales and services organizations deliver
advanced analytics, cloud, cybersecurity, and managed services
offerings to clients across various industries. The Company
supports these solutions with talent expertise and digital
infrastructure offerings across all major IT vendors in the
marketplace. This multi-faceted approach enables Converge to
address the unique business and technology requirements for all
clients in the public and private sectors. For more information,
visit convergetp.com.
Forward-Looking Statements
This press release contains certain "forward–looking
information" and "forward–looking statements" (collectively,
"forward–looking statements") within the meaning of applicable
Canadian securities legislation regarding Converge and its
business. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could, "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward–looking
statements. Forward–looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward–looking statements. These forward-looking statements
include, but are not limited to, statements relating to the
intended use of the net proceeds of the Offering, the execution of
Converge's growth strategy and timing and completion of
acquisitions. Except as required by law, Converge assumes no
obligation to update the forward–looking statements of beliefs,
opinions, projections, or other factors, should they change. The
reader is cautioned not to place undue reliance on forward–looking
statements. For a detailed description of the risks and
uncertainties facing the Company and its business and affairs,
readers should refer to the Company's annual information form,
which is available on SEDAR under the Company's profile at
www.sedar.com, and the consolidated financial statements of the
Company for the years ended December 31,
2019 and 2018, together with the corresponding Management's
Discussion and Analysis for additional risk factors described under
"Risks and Uncertainties". Neither the 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 Converge Technology Solutions Corp.
