SOURCE: Symbility Solutions Inc.

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April 09, 2015 13:52 ET

Symbility Solutions Announces Filing of Preliminary Prospectus

TORONTO, ON--(Marketwired - April 09, 2015) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Symbility Solutions Inc. (TSX VENTURE: SY) ("Company"), a global software company dedicated to developing cloud-based applications for the insurance industry, has filed and obtained a receipt for a preliminary prospectus in connection with a bought deal offering previously announced by the Company on April 1, 2015. In connection with the bought deal offering, the Company also entered into an underwriting agreement with a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited, Salman Partners Inc. and Paradigm Capital Inc., (collectively, the "Underwriters") pursuant to which the Underwriters have agreed to buy and sell to the public 13,340,000 common shares ("Common Shares") of the Company at a price of $0.33 per common share, for gross proceeds to the Company of approximately $4.4 million (the "Offering"). The Underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 2,001,000 common shares of the Company. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be approximately $5.1 million.

CoreLogic®, Inc. (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, located in Irvine, Calif. with business interests worldwide, has exercised its preemptive right under a certain security holder agreement dated April 10, 2012 to acquire 5,508,776 common shares, (and an additional 826,297 common shares if the Underwriters' option is exercised in full) in addition to the Common Shares noted above at a price of $0.33 per common share, for additional gross proceeds to the Company of approximately $1.8 million ($2.1 million if the Underwriters' option is exercised in full) (the "Preemptive Right").

Closing of the Offering and the Preemptive Right is expected to occur on or about April 23, 2015 and is subject to regulatory approval including that of the TSX Venture Exchange. The Common Shares to be issued under the Offering will be offered by way of a short form prospectus in all provinces in Canada, except Quebec, and certain other jurisdictions.

The net proceeds of the Offering and the issuance of the Common Shares under the Preemptive Right will be used for general corporate and working capital purposes.

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.

About Symbility Solutions Inc.

Symbility Solutions® (TSX VENTURE: SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property and Symbility Health, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.

Caution Regarding Forward-Looking Information

This press release may contain forward-looking statements with respect to the Company, its products and operations and the contemplated financing. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Company discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Company has no obligation to update such statements.

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.

All trade names are the property of their respective owners.

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