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SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, BC, March 1, 2021 /CNW/ - LITE ACCESS
TECHNOLOGIES INC. (the "Company") (TSXV: LTE) (OTC PINK:
LTCCF) is pleased to announce that it has closed its previously
announced non-brokered private placement (see news releases dated
February 12, 2021 and February 16, 2021) by issuing 5,040,000 units
("Units") at a price of $0.25 per
Unit for gross proceeds of $1,260,000
(the "Financing").
Carlo Shimoon, President &
CEO of Lite Access, stated, "We would like to welcome our new
shareholders who participated in the fully subscribed $1.26 million financing and thank existing
shareholders who continue to support the Company by increasing
their ownership. We are excited to further execute our intended
growth initiatives and this injection of capital will accelerate
those efforts."
Each Unit consists of one common share of the Company and one
share purchase warrant (each a "Warrant"), with each Warrant
entitling the holder to purchase one additional common share for a
period of one year from the date of the issue at an exercise price
of $0.35 per share.
All securities issued under the Financing are subject to a
four–month and one day statutory hold period expiring on
June 26, 2021. The Company paid
finders fees totalling $62,550 and
issued a total of 250,200 Warrants. The proceeds of the
Financing will be used to fund growth initiatives and for working
capital purposes.
Certain directors of the Company acquired 120,000 Units pursuant
to the Financing (the "Insider Participation"). The Insider
Participation will be considered to be a "related party
transaction" as defined under Multilateral Instrument 61-101 ("MI
61-101"). The Insider Participation is exempt from the formal
valuation and minority shareholder approval requirements of MI
61-101.
This news release does not constitute an offer to sell, or
solicitation of an offer to buy, nor will there be any sale of any
of the securities offered in any jurisdiction where such offer,
solicitation or sale would be unlawful, including the United States of America. The securities
being offered as part of the Financing have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and accordingly may not be offered or sold in the United States except in compliance with
the registration requirements of the U.S. Securities Act and any
applicable state securities laws, or pursuant to available
exemptions therefrom.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of
innovative and proven micro/narrow trenching technologies,
alternate methods of deployment and specialist products which
transform the cost the network deployment for telecommunications
operators.
As part of its suite of services Lite Access provides clients
with integrated solutions or select components for the design and
implementation of fibre optic networks. Lite Access' products
have been deployed in many high-profile communication networks
including Olympic facilities, military and government, numerous
communities throughout the United
Kingdom, the USA and
Canada as well as global
telecommunications companies that have adopted Lite Access as the
"solution of choice" for the least invasive, most cost effective
and future-proof fibre optic connectivity available.
Lite Access' installation technology and proprietary products
extend a network provider's ability to deliver true broadband
connectivity directly to end-users, such as homes, businesses,
government and educational institutions, and emergency response
facilities. Lite Access remains flexible and innovative in its
commitment to provide global clients and partners with the most
cost effective and proven fibre connectivity solutions
available.
Forward Looking Information
This news release contains statements that, to the extent
they are not recitations of historical fact, may constitute
"forward-looking statements" within the meaning of applicable
Canadian securities laws. Lite Access uses words such as "may",
"would", "could", "will", "likely", "expect", "believe", "intend"
and similar expressions to identify forward-looking statements. Any
such forward-looking statements are based on assumptions and
analyses made by Lite Access in light of its experience and its
perception of historical trends, current conditions and expected
future developments. However, whether actual results and
developments will conform to Lite Access' expectations and
predictions is subject to any number of risks, assumptions and
uncertainties. Many factors could cause Lite Access' actual
results to differ materially from those expressed or implied by the
forward-looking statements contained in this news release. Such
factors include, among other things: and risks and uncertainties
described in Lite Access's most recent Management Discussion &
Analysis (MD&A) for the period ended September 30, 2020 which can be accessed at
www.sedar.com. The "forward-looking statements" contained herein
speak only as of the date of this press release and, unless
required by applicable law, Lite Access undertakes no obligation to
publicly update or revise such information, whether as a result of
new information, future events or otherwise.
Neither the 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 Lite Access Technologies Inc