/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
HALIFAX, NS, April 7, 2021 /CNW/ - kneat.com, inc.
(TSXV: KSI) ("Kneat" or the "Company") is pleased to
announce that it has entered into an agreement with a syndicate of
investment dealers co-led by Cormark Securities Inc. and
CIBC Capital Markets Inc. (collectively, the
"Underwriters") pursuant to which the Underwriters have
agreed to purchase 5,833,500 common shares (the "Common
Shares") from the treasury of the Company, at a price of
$3.00 per Common Share (the
"Offering Price") and offer them to the public by way of
short form prospectus for total gross proceeds of approximately
$17,500,500 (the "Offering").
The Company has granted the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional
15.0% of the Common Shares of the Offering on the same terms
exercisable at any time up to 30 days following the closing of the
Offering, for market stabilization purposes and to cover
over-allotments, if any.
In addition, the Company intends to complete a concurrent
non-brokered private placement of Common Shares at the Offering
Price to certain shareholders for aggregate gross proceeds of
approximately $2.0 million (the
"Concurrent Private Placement"). The Common Shares issuable
pursuant to the Concurrent Private Placement will be on the same
terms as those issuable pursuant to the Offering, except that they
will be subject to a statutory four month hold period in accordance
with applicable securities laws.
The Company intends to use the net proceeds of the Offering and
Concurrent Private Placement for growth initiatives, working
capital and general corporate purposes.
Closing of the Offering is expected to occur on or about
April 28, 2021 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 each of the Provinces
of Canada, except Quebec, and may be offered in the United States on a private placement basis
pursuant to an exemption from the registration requirements of the
United States Securities Act of 1933, as amended, and
applicable state securities laws, and certain other jurisdictions
outside of Canada and the United States.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press 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
United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States absent registration under
U.S. federal and state securities laws or an applicable exemption
from such U.S. registration requirements.
About Kneat
Kneat, a Canadian company with operational headquarters in
Limerick, Ireland, develops and
markets the next generation Kneat Gx SaaS platform. Multiple
business work processes can be configured on the platform from
equipment to computer system validation, through to quality
document management. Kneat's software allows users to author,
review, approve, execute testing online, manage any exceptions and
post approve final deliverables in a controlled FDA 21 CFR Part 11/
Eudralex Annex 11 compliant platform. Macro and micro report
dashboards enable powerful oversight into all systems, projects and
processes globally. Customer case studies are reporting
productivity improvements in excess of 100% and a higher data
integrity and compliance standard. For more information visit
www.kneat.com.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein,
certain information presented herein constitutes "forward-looking
information" within the meaning of applicable Canadian securities
laws. Such forward-looking information includes, but is not limited
to, information relating to the proposed Offering, the Concurrent
Private Placement and the use of proceeds. While such
forward-looking statements are expressed by Kneat, as stated in
this release, in good faith and believed by Kneat to have a
reasonable basis, they are subject to important risks and
uncertainties. As a result of these risks and uncertainties, the
events predicted in these forward-looking statements may differ
materially from actual results or events. These forward-looking
statements are not guarantees of future performance, given that
they involve risks and uncertainties. Kneat does not undertake any
obligation to release publicly revisions to any forward-looking
statement, except as may be required under applicable securities
laws. Investors should not assume that any lack of update to a
previously issued forward-looking statement constitutes a
reaffirmation of that statement. Continued reliance on
forward-looking statements is at an investors' own risk.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE kneat.com, inc.