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TORONTO,
March 10, 2017 /CNW/ - AcuityAds
Holdings Inc. (TSXV:AT, OTCQB:ACUIF) ("AcuityAds" or
the "Company"), a technology leader that
provides targeted digital media solutions enabling
advertisers to connect intelligently with audiences across mobile,
video, social and display, is pleased to announce that, due
to strong demand, it has entered into an agreement with a
syndicate of underwriters co-led by Paradigm Capital Inc.
("Paradigm") and Haywood Securities Inc. ("Haywood")
and including Gravitas Securities Inc. and Echelon Wealth Partners
(the "Underwriters") to increase the size of the previously
announced bought deal private placement offering (the
"Offering") to 2,994,783 shares of the Company
("Shares") at a price of CDN$3.40 per share (the "Offering Price")
for gross proceeds to the Company of approximately CDN$10.2 million.
The Company intends to use the net proceeds of the
Offering to fund a portion of the purchase price for the previously
announced acquisition of Visible Measures Corporation ("Visible
Measures"). The Company has also granted the
Underwriters an over-allotment option (the
"Option") to purchase up to an additional
449,217 Shares (representing 15% of the upsized base Offering)
at the Offering Price exercisable in whole or in part at any time
48 hours prior to the closing of the Offering. If the Option
is exercised in full, an additional
approximately CDN$1.53 million will be raised pursuant to
the Offering and the aggregate gross proceeds of the Offering will
be approximately CDN$11.71 million. The Offering is
expected to close on or about March 31, 2017 and is
subject to certain conditions including, but not limited to, the
closing of the acquisition of Visible Measures and the receipt of
all necessary approvals including approval of the TSX Venture
Exchange.
In addition, three of the Company's founding shareholders
(which does not include the Company's CEO, Tal Hayek) (each, a "Shareholder", and
collectively, the "Shareholders") will participate in a
secondary offering and sell an additional 1.0 million Shares as
part of the Offering at the Offering Price for total gross proceeds
to the Shareholders of $3.4 million.
On closing, the Shareholders will pay the Underwriters a cash
commission equity to 5% of the gross proceeds of the sale of their
Shares.
"We have seen an overwhelming positive response from the
previously announced offering and are faced with an opportunity to
provide additional liquidity to the market," said Tal Hayek, CEO of AcuityAds. "In order to
support this demand without creating any unnecessary shareholder
dilution, three of our four founders have elected to release a
total of 1 million shares as part of the bought-private
placement."
About AcuityAds
AcuityAds is a technology company that enables marketers
to connect intelligently with their most meaningful audiences
through digital media. A Self-Serve programmatic marketing
platform, powered by proprietary machine learning technology, is at
the core of its business, accompanied by a patented solution for
mobile targeting that leverages social data. AcuityAds
empowers marketers by offering transparency on costs and brand
safety, and real-time reporting and analytics, bringing
accountability to programmatic advertising to deliver business
results.
AcuityAds is headquartered in Toronto,
Canada with sales offices in New York
City, Boston, Chicago, Los Angeles, San
Francisco, San Diego, Vancouver, Calgary and Montreal. For more
information,
visit AcuityAds.com.
Forward-looking Statements
Certain statements included herein constitute
"forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements include, but are not
limited to, statements with respect to the closing of the Offering
and the closing date of the Offering. All forward-looking
statements in this news release are based upon a number of
estimates and assumptions that, while considered reasonable by
management at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievement of the Company to be materially
different from any future results, performance or achievements
express or implied by such forward-looking statements. Such factors
include, among other things, the achievement by Visible Measures of
certain financial targets and the timing, size and completion of
the Offering. Investors are cautioned not to put undue reliance on
forward-looking statements. Except as required by law, AcuityAds
does not intend, and undertakes no obligation, to update any
forward-looking statements to reflect, in particular, new
information or future events.
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.
SOURCE AcuityAds Inc.