Not for distribution to United States newswire services or for dissemination in the United States
CALGARY, ALBERTA, AUGUST 21, 2015 – Cortex Business Solutions Inc. (TSXV: CBX) (“Cortex” or “the Company”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 1,500,000 common shares (the “Shares”) of the Company at a purchase price of $2.00 per Share (the “Offering Price”), for gross proceeds to the Company of approximately $3 million (the “Offering”). The Underwriters have also been granted an option, exercisable in whole or in part at any time prior to the closing date, to purchase for resale up to an additional 225,000 Shares at the Offering Price, which would result in additional gross proceeds of $450,000.
The Offering is scheduled to close on or about September 2, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV and any applicable securities regulatory authorities. The Underwriters have agreed to endeavour to arrange for substituted purchasers for the Shares.
The net proceeds of the Offering will be used for growth initiatives and for general corporate and working capital purposes.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
About Cortex Business Solutions
Cortex Business Solutions Inc. is an Enterprise eProcurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Network enhances the exchange of business critical documents, such as purchase orders, receipts and invoices resulting in improved cash flow management and business controls, while reducing each day's outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging clients’ existing business environment.
Investor Relations Contacts:
|Joel Leetzow||Sandra Fawcett (formerly Weiler)||Andrew Stewart|
|President and CEO||CFO||Director, Marketing & Investor Relations|