Transaction|July 30, 2020

Sangoma Technologies closes C$81 million upsized underwritten public offering

Torys acted as counsel to the syndicate of underwriters led by Cormark Securities with a team that included Scott Cochlan, Mike Pedlow, Chris Bornhorst, Jennifer Baugh, Jon McDonald and Michelle Holmes (corporate/securities).

On July 30, 2020, Sangoma Technologies Corporation ("Sangoma") announced that it closed its previously announced bought deal equity offering. A total of 35,006,000 common shares were issued at a price of C$2.30 per common share, including 4,566,000 shares sold pursuant to the exercise in full of the underwriters' over-allotment option, for total gross proceeds of approximately C$81 million.

The offering was conducted through a syndicate of underwriters led by Cormark Securities Inc. and included Acumen Capital Finance Partners Limited, PI Financial Corp., CIBC World Markets Inc., INFOR Financial Inc., Beacon Securities Limited and Canaccord Genuity Corp.

Sangoma intends to use the net proceeds of the offering to fund any future acquisitions, for debt repayment, and for general corporate purposes.

Further information can be found on Newsfile's website.

Sangoma Technologies is a trusted leader in delivering Unified Communications and Unified Communications as a Service (UCaaS) solutions for SMBs, Enterprises, OEMs, Carriers and service providers. Its globally scalable offerings also include industry leading Voice-Over-IP solutions, which together provide seamless connectivity between traditional infrastructure and new technologies.