TIO Networks Corp. Closes Bought Deal Private Placement

TIO Networks Corp. (TSXV: TNC) has closed its bought deal private placement Offering of 2,726,214 common shares of TIO. This includes the partial exercise of the over-allotment option, at an issue price of $1.88 per Common Share. The aggregate gross proceeds to TIO in the Offering are $5,125,282.32.
According to the press release:

The Offering was conducted by PI Financial Corp. as the lead underwriter, with Haywood Securities Inc. in the syndicate (collectively, the “Underwriters”), and including Portfolio Strategies Securities Inc. as a special selling group agent.  In consideration for the services of the Underwriters in connection with the Offering, TIO has paid the Underwriters a cash commission in the aggregate amount of $307,516.94, representing 6.0% of the gross proceeds from the Offering.  The net proceeds from the Offering are intended to be used by TIO to fund certain costs related to its acquisition of Softgate Systems, Inc., as announced on July 14, 2015, and/or other strategic opportunities that arise in TIO’s mergers and acquisitions program, and/or for general corporate and working capital purposes.
The Common Shares issued in connection with the Offering are subject to a four month and one day hold period under applicable Canadian securities laws which will expire June 2, 2016, and certain of the Common Shares will, in addition, be subject to resale restrictions pursuant to the policies of the TSX Venture Exchange (the “Exchange”).  The Offering is subject to final acceptance by the Exchange.

Click here to read the full press release.