Cortex Business Solutions Inc.

TSX VENTURE : CBX


Cortex Business Solutions Inc.

February 14, 2014 10:22 ET

Cortex Announces Terms of Equity Offering

CALGARY, ALBERTA--(Marketwired - Feb. 14, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") is pleased to announce that it has priced its previously announced overnight-marketed public offering (the "Offering"). The Company will issue, on an underwritten basis, 80,000,000 common shares (the "Shares"), at a price (the "Offering Price") of $0.10 per common share, under a short form prospectus, to raise gross proceeds of $8,000,000. Cortex has also granted to the Underwriters an over-allotment option (the "Over-Allotment Option"), which entitles the Underwriters to acquire at any time up to 30 days following the closing of the Offering, at the Offering Price up to an additional 15% of the Shares distributed in the Offering. The Offering is being made through a syndicate of underwriters led by Cormark Securities Inc. and including Wolverton Securities Ltd. (collectively, the "Underwriters").

The Offering is scheduled to close on or about February 28, 2014 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The Offering is being made pursuant to a short form prospectus filed in each of the provinces of Alberta, British Columbia, Manitoba, Saskatchewan and Ontario.

The net proceeds of the Offering will be used for sales and market expansion and for general corporate and working capital purposes.

The Common Shares offered have not been and will not be 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 Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Cortex Business Solutions Inc.

Cortex Business Solutions Inc. (TSX VENTURE:CBX) is an enterprise eProcurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex 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 clients' existing business environment. For more information, please visit www.cortex.net.

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. In particular, the press release contains forward-looking statements regarding the expected closing date and expected use of proceeds from the Offering. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, receiving the necessary regulatory approvals, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Liolios Group Inc. - Investor Relations Contact
    Cody Slach or Greg Falesnik
    1-949-574-3860
    CBX@Liolios.com

    Brisco Capital Partners - Investor Relations Contact
    Scott Koyich
    1-403-215-5979
    skoyich@briscocapital.com