TORONTO, ONTARIO--(Marketwired - Nov. 14, 2016) - Nicholas Galea (the "Purchaser") announced today that, on November 9, 2016, the Purchaser purchased (the "Transaction") an aggregate of 1,000,000 common shares ("Common Shares") of Sangoma Technologies Corporation (the "Issuer") through the facilities of the TSX Venture Exchange at prices between $0.296 and $0.305 for aggregate consideration of $304,731 (the "Transaction"). Immediately prior to the Transaction, the Purchaser owned 4,660,000 Common Shares. After giving effect to the Transaction, the Purchaser now owns or controls, directly or indirectly, an aggregate of 5,660,000 Common Shares, representing approximately 17.4% of the outstanding Common Shares on a non-diluted basis. The Purchaser does not own any securities of the Issuer other than the foregoing Common Shares.
The Common Shares subject to the Transaction were acquired for investment purposes only, however, the Purchaser will review its holdings from time to time and may increase or decrease its position as future circumstances may dictate. Depending on various factors, including the financial position of the Purchaser and its affiliates, including 3CX Ltd., the Purchaser may in future take such actions with respect to its investment in the Issuer as it deems appropriate, including, without limitation, seeking board representation, making proposals to the Issuer regarding changes to the capitalization, ownership structure, acquisitions or operations of the Issuer, acquiring additional Common Shares, and/or selling or otherwise disposing of some or all of its Common Shares. In addition, the Purchaser may formulate other purposes, plans or proposals regarding the Issuer or any of its securities to the extent deemed advisable in light of its general investment and trading decisions, market conditions or other factors that or may change its intention with respect to any and all of the foregoing.
This news release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the "Early Warning Report"). A copy of the Early Warning Report will be available on SEDAR under the Company's issuer profile at www.sedar.com and can be obtained by contacting the contact set out below.