TORONTO, ON--(Marketwired - April 24, 2015) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Symbility Solutions Inc. (TSX VENTURE: SY) ("Company"), a global software company dedicated to developing cloud-based applications for the property and health insurance industries, is pleased to announce that CoreLogic®, Inc. (CLGX), a leading global property information, analytics and data-enabled services provider, located in Irvine, Calif., exercised its preemptive right under a certain security holder agreement dated April 10, 2012 to acquire 6,335,073 common shares at a price of $0.33 per common share, for gross proceeds to the Company of approximately $2.1 million including the over-allotment option.
On April 23, the Company announced it had closed a previously announced public offering of 15,341,000 common shares of the Company ("the Offering"), for gross proceeds of $5.1 million including the over-allotment option. 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.
With CoreLogic exercising its preemptive right and the bought deal equity, the total gross proceeds for the Company is $7.2 million in financing. Symbility intends to use the net proceeds for general corporate and working capital purposes and will serve to bolster the Company's cash position.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Symbility Solutions Inc.
Symbility Solutions® (TSX VENTURE: SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.