SEB Announces Closing of Unit Offering
MISSISSAUGA, Ontario, Jan. 11, 2019 (GLOBE NEWSWIRE) — Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) announces that it has closed a unit offering (the “Offering”) for aggregate gross proceeds of $892,250.
Proceeds were raised through the issuance of 4,150,000 units (each a “Unit”) at a price of $0.215 per Unit. Each Unit consists of one common share of the Company (each a “Common Share”) and one common share purchase warrant of the Company (each a “Warrant”). Each Warrant is exercisable into one Common Share of the Company at a price of $0.30 per share and has a term of 24 months from the date of issuance.
All securities issued in connection with the Offering will be subject to a four-month hold period. The hold periods will expire on May 10, 2019.
Proceeds of the Offering will be used for repayment of debt and general working capital purposes.
SEB’s business is “IT Managed Services”, focused on Business Process Automation and Outsourcing providing software, solutions and services to a national and global client base on multi-year contracts. SEB currently serves corporate and government clients across Canada and internationally. Over 80% of SEB’s revenues derive from government, insurance and healthcare organizations.
|John McKimm, President/CEO/CIO
Smart Employee Benefits Inc.
The forward-looking information contained in this release represents the Company’s current expectations and, accordingly, is subject to change. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
All figures are in Canadian dollars unless otherwise stated.