VANCOUVER, BC, Nov. 10,
2022 /CNW/ - LITE ACCESS TECHNOLOGIES INC.
("Lite Access") (TSXV: LTE) (OTC: LTCCF), a world leader in
the fibre optic products and advanced installation methodologies,
is pleased to announce a fully subscribed non-brokered private
placement financing of $1,052,000 (the "Offering"). The Offering
consists of: (i) a private placement of secured convertible
debentures ("Debentures") in the principal amount of $500,000 (the "Debenture Offering"); and (ii)
11,040,000 common shares ("Shares") at $0.05 per share for gross proceeds of up to
$552,000 (the "Share
Offering"). The Offering was subscribed for by insiders and
key stakeholders of the Company.
Under the Debenture Offering, the Debentures will be secured
under a general security agreement, bear a fixed interest rate of
12% per annum and be due two years from the date of issue (the
"Issue Date"). Further, the Debentures will be convertible into
common shares of the Company at a conversion ratio of $0.07 per common share if converted during the
period from the Issue Date to the last day of the first anniversary
of the Issue Date, and $0.10 if
converted during the period from the first day of the second
anniversary of the Issue Date to the last day of the second
anniversary of the Issue Date.
The securities issued under the Offering will be subject to
restrictions on resale. The proceeds of the Offering will be used
for working capital purposes. The Offering is subject to acceptance
of the TSX Venture Exchange.
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: risks and uncertainties
described in Lite Access's most recent Management Discussion &
Analysis (MD&A) for the financial year ended September 30, 2021 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