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Lite Access Technologies primed for growth with $20.45mln of financing

Tuesday, March 28, 2017 8:33
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(Before It's News)

Fibre optic specialist Lite Access Technologies Inc (CVE:LTE) has bolstered its coffers to the tune of over $20mln via its now closed bought deal financing.

The cash will be used to fund growth initiatives and for general corporate purposes, it told investors.

The company issued over 9mln shares, including around 2.22mln to exercise the underwriters’ option in full and an oversubscription of 200,000 shares, at $2.25 per share, for gross proceeds of $20,452,500.

The offering was underwritten by a syndicate led by Cormark Securities Inc and included Beacon Securities Ltd, Canaccord Genuity Corp and Haywood Securities Inc.

The group’s technology is able to extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions.

The group has successfully deployed thousands of kilometres of microduct networks throughout North and South America, the United Kingdom, the Caribbean, Australia, and Asia.

Earlier this month it recorded a more than doubling of its total revenues in the first quarter of 2017 as well as a trebling of its gross margins.

The company said total revenues jumped to C$1.8mln in the quarter ended December 31 versus C$813,546 in the same period in 2015.

The first quarter gross margin was 29% versus 10% in 2015.

Story by ProactiveInvestors


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