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Symbility Solutions announces closing of C$5.1 million bought deal equity financing

Fasken
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Overview

Client

Symbility Solutions Inc.

On April 23, 2015, Symbility Solutions Inc. (the “Company”), a global software company dedicated to developing cloud-based applications for the property and health insurance industries, closed a bought deal short form prospectus offering (the “Offering”) of 15,341,500 common shares of the Company (including the exercise of an over-allotment option) at a price of $0.33 per common share for aggregate gross proceeds of approximately $5.1 million. The Offering was conducted through a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited, Salman Partners Inc. and Paradigm Capital Inc. In connection with the Offering, CoreLogic, a leading global property information, analytics and data-enable services provider and the Company’s largest shareholder, exercised it pre-emptive right under a certain security holder agreement and acquired 6,335,073 common shares of the Company at $0.33 per common share for additional aggregate gross proceeds of approximately $2.1 million. The Company was advised by a team of Fasken Martineau lawyers that included Sean S. Stevens, Alex Nikolic and Nicole Park (Corporate Finance), Mitchel Thaw and Kevin Yip (Tax), June Paddock and Jane Wang (Corporate) and Emma Cartwright (Technology).

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