March 3, 2020 – VANCOUVER, BRITISH COLUMBIA AND TORONTO, ONTARIO, CANADA – Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSXV: CTS) (FSE:0ZB) (OTCQX:CTSDF) is pleased to announce that, in connection with its previously announced underwritten public offering (the “Offering”) of common shares of the Company, the underwriters have exercised their over-allotment option to purchase an additional 592,084 common shares of the Company at a price of $1.30 per share, for additional gross proceeds to the Company of $769,709.20. As a result, the total gross proceeds of the Offering were $8,269,709.50. 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 www.sedar.com.
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
Chief Financial Officer Virtus Advisory Group
Converge Technology Solutions Corp. Shareholder Inquiries
Email: [email protected] Email: [email protected]
Phone: 416-360-1495 Phone: 416-644-5081
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, the anticipated use of proceeds from the Offering and other information that is not historical information. 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.
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, 2018 and 2017, 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.
