Press release from CNW Group
Sandvine Corporation announces completion of $33 million bought deal financing
Wednesday, February 12, 2014
Sandvine Corporation announces completion of $33 million bought deal financing09:20 EST Wednesday, February 12, 2014
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WATERLOO, ON, Feb. 12, 2014 /CNW/ - Sandvine Corporation, (TSX:SVC) ("Sandvine") a leading provider of intelligent network policy control solutions for fixed and mobile operators, announced today that it has completed its previously announced offering of 10,000,000 common shares of Sandvine (the "Common Shares") at a price of $3.30 per Common Share (the "Offering") for gross proceeds of approximately $33.0 million. Sandvine had previously agreed with a syndicate of underwriters led by Canaccord Genuity Corp. to sell the Common Shares on a bought deal basis.
The net proceeds from the Offering (after deducting the underwriters' fees and Offering expenses) will be used for working capital purposes.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
No regulatory authority has approved or disapproved the adequacy or accuracy of this news release.
Sandvine's network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks to enable services that can increase revenue and reduce network costs. Powered by Sandvine's Policy Engine and SandScript policy language, Sandvine's networking equipment performs end-to-end policy control functions including traffic classification, and policy decision and enforcement across the data, control and business planes. Sandvine's products provide actionable business insight, the ability to deploy new subscriber services and tools to optimize traffic while enhancing subscriber Internet quality of experience.
Sandvine's network policy control solutions are deployed in more than 250 networks in over 90 countries, serving hundreds of millions of data subscribers worldwide, www.sandvine.com.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements relating to the use of proceeds from the Offering, constitute forward-looking information that involve various known and unknown risks, uncertainties, and other factors outside management's control. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect including that the proceeds of the Offering will not be used to fund any acquisitions in the immediate future. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information. Although Sandvine has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
For additional information with respect to risk factors applicable to Sandvine, reference should be made to Sandvine's disclosure materials filed from time to time with securities regulators, including, but not limited to, Sandvine's Annual Information Form and the final prospectus with respect to the Offering. The forward-looking information contained in this release is made as of the date of this release and Sandvine does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
For further information:
+1 519 880 2400 ext. 3503