LITE ACCESS TECHNOLOGIES ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $1,260,000
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
February 16, 2021 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (the “Company“) (TSX VENTURE: LTE) (OTC PINK: LTCCF) is pleased to announce that due to strong investor demand, it has upsized the previously announced non-brokered private placement from $750,000 to $1,260,000 (the “Offering”).
The Offering will consist of up to 5,040,000 units (each a “Unit”) at $0.25 per Unit for gross proceeds of up to $1,260,000 (the “Offering”). Each Unit consists of one common share of the Company and one share purchase warrant (each a “Warrant”), with each Warrant entitling the holder to purchase one additional common share for a period of one year from the date of the issue at an exercise price of $0.35 per share. The Company may pay a finder’s fee in cash and/or share purchase warrants in connection with the Offering.
Certain directors and officers of the Company are expected to participate in the private placement. Such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101“). The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
“We are extremely pleased with the growing demand from investors resulting in an upsize for this private placement,” said Carlo Shimoon, President & CEO of Lite Access. “The offering was very well supported by existing shareholders, new shareholders and insiders as we focus on executing our growth plans for our Canadian operations to deliver value to our shareholders.”
Proceeds from the Offering will be used to fund growth initiatives and for working capital purposes. All securities issued under the Offering, including securities issuable on the exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance.
The Offering is subject to the acceptance of the TSX Venture Exchange.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
For further information please contact:
Lite Access Technologies Inc.
Carlo Shimoon, CEO
Unit 5 – 20678 Duncan Way
Langley, BC V3A 7A3
For investor relations please contact:
Contact Financial Corp.
204 – 998 Harbourside Dr.
North Vancouver, BC V7P 3T2
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Lite Access uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access’ actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: and risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the period ended September 30, 2020 which can be accessed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
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.Next >>