Softchoice Corporation

Softchoice Corporation

December 10, 2009 09:44 ET

Softchoice Corporation Announces the Closing of $17,437,500 Bought Deal Public Share Financing

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2009) -


Softchoice Corporation (TSX:SO) is pleased to announce the closing of its previously announced public offering of 2,250,000 common shares (the "Shares") at a price of C$7.75 per Share for gross proceeds to the Company of C$17,437,500. The syndicate of underwriters for the offering was co-led by GMP Securities L.P. and Cormark Securities Inc. and included Paradigm Capital Inc. and Raymond James Ltd. (the "Underwriters").

Proceeds of the offering will be used by the Company to repay the Company's short-term indebtedness under a three-year $115 million revolving Asset-Backed Loan facility and to otherwise reduce the dependence of the Company on this facility. Any additional amounts remaining after such repayment will be used for general corporate and working capital purposes.

The Underwriters have the option to purchase up to an additional 337,500 Shares, which may be exercised, in whole or in part, for a period of 30 days following the closing date at a price of C$7.75 per Share to cover over-allotments, if any, and for market stabilization purposes.

About Softchoice Corporation

As one of North America's leading providers of technology solutions and services, Softchoice helps businesses and organizations of all sizes to select, acquire and manage their software and hardware technology resources. Softchoice offers a full range of capabilities, including face-to-face consultations and IT asset management services designed to help customers save time, money and risk in IT procurement. Softchoice currently has 886 employees operating from over 40 branch offices located in major cities across the U.S. and Canada.

Softchoice stock is listed on the Toronto Stock Exchange (TSX) under the trading symbol "SO." The common shares of Softchoice are not registered under the U.S. Securities Act of 1933 and are not publicly traded in the United States.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "anticipate", "expect", "will" and similar expressions generally identify forward-looking statements. These statements reflect our current expectations and are subject to a number of risks and uncertainties. Due to the many risks and uncertainties, Softchoice cannot assure that the forward-looking statements contained in this press release will be realized.

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