Cortex Business Solutions Inc.

TSX VENTURE : CBX


Cortex Business Solutions Inc.

April 04, 2013 12:16 ET

Cortex Business Solutions Inc. Announces Closing of $7.3 Million Bought Deal Prospectus Offering

CALGARY, ALBERTA--(Marketwired - April 4, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Cortex Business Solutions Inc. (TSX VENTURE:CBX) (the "Company") is pleased to announce that it has closed its previously announced short form prospectus offering (the "Offering") for aggregate gross proceeds of $7,316,960. The Offering was led by Cormark Securities Inc. and included a syndicate of underwriters consisting of Wolverton Securities Ltd. and Stonecap Securities Inc. (collectively, the "Underwriters"). Under the Offering, a total of 38,920,000 units (each a "Unit") were issued, with each Unit consisting of one common share and one-half of one common share purchase warrant (each a "Warrant") exercisable at $0.23125 for a period of three years from the date of issuance. An additional 2,919,000 Warrants were also issued pursuant to the exercise of an over-allotment option granted to the Underwriters. In addition to a cash commission, the Underwriters received in aggregate 3,164,090 compensation options in connection with the Offering, with each compensation option exercisable into one Unit for a period of twenty-four months from the date of issuance.

The completion of the Offering is subject to final approval from the TSX Venture Exchange.

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 Unites 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.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements, including statements concerning final approval from the TSX Venture Exchange. 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 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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