VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 14, 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 increased its previously announced private placement financing (see news release dated September 12, 2016) to $3.25 million (the "Offering").
The Offering will now consists of 2,826,087 common shares at a price at a price of $1.15 per share. The proceeds of the Offering will continue to be used for working capital purposes. The Company may pay a finders' fee equal to 6% of the gross proceeds of the Offering.
The securities offered pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any United States state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 Listing Statement dated May 26, 2015 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.