Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

February 28, 2014 09:15 ET

Cortex Business Solutions Inc. Announces Completion of $10 Million Prospectus Offering

CALGARY, ALBERTA--(Marketwired - Feb. 28, 2014) -

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") of common shares in the capital of the Company ("Common Shares") for aggregate gross proceeds of $10,000,000. The Offering was led by Cormark Securities Inc. and included Wolverton Securities Ltd. (collectively, the "Underwriters"). Under the Offering, a total of 100,000,000 Common Shares were issued at a price of $0.10 per Common Share (the "Offering Price"). In addition to a cash commission, the Underwriters received in aggregate 6,000,000 compensation options in connection with the Offering, with each compensation option exercisable into one Common Share at the Offering Price for a period of twenty-four months from the date of issuance.

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

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.

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 with respect to the use of proceeds of the Offering. 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.

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