Lite Access Technologies Inc.
TSX VENTURE : LTE

Lite Access Technologies Inc.

March 06, 2017 16:32 ET

Lite Access Technologies Announces $12.6 Million "Bought Deal" Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 6, 2017) -

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

Lite Access Technologies Inc. (TSX VENTURE:LTE) ("Lite Access" or the "Company") is pleased to announce that it has entered into an agreement with Cormark Securities Inc. on behalf of a syndicate of Underwriters (the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, 5,600,000 common shares ("Common Shares") of the Company at a purchase price of $2.25 per Share (the "Issue Price"), for gross proceeds to the Company of $12.6 million (the "Offering"). The Underwriters have also been granted an option, exercisable in whole or in part at any time prior to the closing date, to purchase for resale up to an additional 1,200,000 Shares at the Issue Price, which would result in additional gross proceeds of $2.7 million.

The Offering is scheduled to close on or about March 28, 2017 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 and any applicable securities regulatory authorities. The Underwriters have agreed to endeavour to arrange for substituted purchasers for the Shares.

The net proceeds of the Offering will be used to fund growth initiatives and for general corporate purposes.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for account or benefit of, U.S. persons, absent registration or applicable exemption from the registration requirements. Any public offering of securities in the United States must be by means of a prospectus containing detailed information about the Company and management as well as financial statements.

About Lite Access

Lite Access is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and alternate 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 or enabled deployment of 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, communities throughout British Columbia, the USA and Alberta as well as numerous Global telecoms that have adopted Lite Access as the "solution of choice" for future proof fibre optic connectivity solutions. Providing total Integrated Solutions including proven and approved alternate deployment methodologies, Lite Access remains flexible and innovative in its commitment to enable global clients and partners with the most cost effective and proven fibre connectivity available.

Neither the 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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