Softchoice Corporation

Softchoice Corporation

November 20, 2009 08:05 ET

Softchoice Corporation to Raise $17,437,500 Through Bought Deal Public Share Financing

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2009) -


Softchoice Corporation (TSX:SO) announced today that it has entered into a binding bought deal agreement with a syndicate of underwriters co-led by GMP Securities L.P. and Cormark Securities Inc. and including Paradigm Capital Inc. and Raymond James Ltd., pursuant to which the underwriters have agreed to purchase 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.

In addition, the Underwriters will have the option to purchase up to an additional 15% of the number of Shares sold under the offering, which option 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.

The offering is scheduled to close on or about December 10, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Proceeds of the offering will be used by the Company for general corporate and working capital purposes.

The Shares offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Shares in any State in which such offer, solicitation or sale would be unlawful.

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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