Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

March 30, 2010 09:36 ET

Cortex Announces Closing of $7 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - March 30, 2010) -


(figures in Canadian dollars)

Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") announces that it has closed its previously announced bought deal private placement including the exercise of the underwriters' option (the "Offering"). The Company sold 14,000,000 common shares in full ("Common Shares"), at a price of $0.50 per Common Share (the "Offering Price"), for aggregate gross proceeds of $7,000,000 pursuant to the Offering.

The Offering was completed by a syndicate of underwriters led by Stonecap Securities Inc., formerly CI Capital Markets Inc. (the "Lead Underwriter") and including Wolverton Securities Ltd. (together with the Lead Underwriter, the "Underwriters"). In connection with the Offering, the Underwriters received a cash commission equal to 7% of the total gross proceeds raised in the Offering and an aggregate of 1,400,000 compensation warrants, each of which is exercisable to purchase one Common Share at the Offering Price until March 30, 2012.

The Underwriters exercised their option to purchase an additional 2,000,000 Common Shares at the Offering Price prior to closing of the Offering resulting in additional gross proceeds to the Company of $1,000,000.

Participation in this offering included a lead order from Sprott Asset Management LP on behalf of certain Sprott funds and managed accounts.

The net proceeds of the Offering will be used for expanding marketing and business development in the United States, sector expansion, working capital and general corporate purposes.

All of the securities issued pursuant to the Offering are subject to a four month hold period that will expire on July 31, 2010. The Offering has received conditional TSX Venture Exchange ("TSX-V") acceptance but remains subject to final TSX-V approval.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

About Cortex Business Solutions Inc.

Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner 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 day's outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers existing business environment - evolving business. For more information please visit our website at

Forward-Looking Statements

Statements in this release relating to matters that are not historical facts which include the use of proceeds from the Offering are forward-looking statements. Such forward-looking statements may involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results implied by such forward-looking statements. Forward-looking statements are often, but not exclusively identified by words such as "anticipate", "may", "expect", "plan", "future", "continue", "intends", "projects", "believes", "seek", "budget", "estimate", "forecast", "will", "predict", "potential", "target", "could", "might", and other similar expressions.

The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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

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