/Not for distribution to United
States newswire services or for dissemination in
the United States/
HALIFAX,
NS, Jan. 23, 2024 /CNW/ - kneat.com,
inc. (TSX: KSI) ("Kneat" or the "Company") is
pleased to announce that it has entered into an agreement with a
syndicate of investment dealers led by Cormark Securities Inc. (the
"Underwriters") pursuant to which the Underwriters have
agreed to purchase 4,615,600 common shares (the "Common
Shares") from the treasury of the Company, at a price of
$3.25 per Common Share (the
"Offering Price") and offer them to the public by way of
short form prospectus for total gross proceeds of $15,000,700 (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.
The Company intends to use the net proceeds of the Offering for
growth initiatives, working capital and general corporate
purposes.
Closing of the Offering is expected to occur on or about
February 14, 2024 and is subject to
regulatory approval including that of the Toronto Stock
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 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/
EU 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 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 Toronto Stock Exchange nor its Regulation
Services Provider (as that term is defined in policies of the
Toronto Stock Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE kneat.com, inc.
