Converge Technology Solutions Corp. Announces Closing of its Previously Announced Public Offering

Converge Technology Solutions
February 20, 2020
Press Releases


VANCOUVER, British Columbia and TORONTO, Feb. 20, 2020 (GLOBE NEWSWIRE) — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSXV: CTS) (FSE:0ZB) (OTCQX:CTSDF) announced today the closing of its previously announced underwritten public offering (the “Offering”). The Offering consisted of 5,769,231 common shares of the Company (the “Offered Shares”). The Offered Shares were offered at a price to the public of $1.30 per Offered Share for gross proceeds to the Company of $7.5 million, before deducting the underwriters’ fees and estimated offering expenses. The Company also granted the underwriters an option, exercisable at any time, in whole or in part, until the date that is 30 days following closing to purchase, at the offering price, 865,384 additional common shares to cover over-allotments and for market stabilization purposes. Raymond James Ltd. led the syndicate of underwriters for the Offering, which included Paradigm Capital Inc. and Hampton Securities Limited.

Converge intends to use the net proceeds from the Offering for acquisitions, working capital and for other general corporate purposes.

The Offering was conducted in each of the provinces of Canada by way of a prospectus supplement dated February 13, 2020 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 each of the provinces of Canada on February 13, 2020 and is available on SEDAR under the Company’s profile at

About Converge Technology Solutions Corp.
Converge Technology Solutions Corp. combines innovation accelerators and foundational infrastructure solutions to deliver best‐of‐breed solutions and services to customers. The Company is building a platform of regionally‐focused Hybrid IT solution providers to enhance their ability to provide multi‐cloud solutions, blockchain, resiliency, and managed services, enabling Converge to address the business and IT issues that public and private‐sector organizations face today.

For further information contact:
Mary Anne Palangio                                                    Virtus Advisory Group
Chief Financial Officer                                                Shareholder Inquiries
Converge Technology Solutions Corp.                      Email: [email protected]
Email: [email protected]                           Phone: 416‐644‐5081
Phone: 416‐360‐1495

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. 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 amended annual information form dated July 8, 2019 which is available on SEDAR under the Company’s profile at in addition to the consolidated financial statements for the years ended December 31, 2018 and 2017 together with the corresponding Management’s Discussion and Analysis for additional risk factors described under “Risk Factors” and “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.

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