VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 3, 2016) - LITE ACCESS TECHNOLOGIES INC. (the "Company") (CSE:LTE)(OTC PINK:LTCCF), a total integrated fibre optic solutions provider, is pleased to announce that it has closed its private placement financing by issuing a total of 3,071,400 common shares at a price of $1.15 per share for gross proceeds of $3,532,110 (the "Financing"). The proceeds from the Financing will be used to fund the expansion of the Company's newly launched UK operations office, working capital and to accelerate near and longer term growth initiatives.
"We are pleased with the overwhelming support for this financing and welcome new Lite Access shareholders," stated Michael Plotnikoff, CEO of Lite Access. "We are proud of our accomplishments thus far and are even more enthusiastic about the significant growth opportunities that lie ahead."
In accordance with applicable securities laws, the shares issued under the Financing will be subject to a four month hold period expiring on January 31, 2017.
Under the Financing, the Company paid and issued the following finders fees: $150,172 and 51,600 common shares of the Company.
About Lite Access
Lite Access is a world leader in microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and micro-drill methods of deployment, Lite Access' proprietary microduct technology extends a network provider's ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed thousands of kilometres of microduct networks throughout North and South America, the United Kingdom, the Caribbean, Australia and Asia.
Lite Access' products have been deployed in many high profile communication networks including the Whistler 2010 Winter Olympic facilities, builds within the State of New York including Central Park, the Bering Sea for the TV show "the Deadliest catch", fibre to the home at Stanford University and numerous other locations around the globe that have adopted Lite Access as the "solution of choice" for future proof fibre optic connectivity.
Forward Looking Information
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties described in the Company's Annual Listing Statement dated February 16, 2016 available on www.cnsx.ca. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The CSE has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this release.