CounterPath Corporation (OTCBB: CPAH; TSX-V: CCV), a leading provider of desktop and mobile VoIP software products and solutions, today announced a private placement (the “Offering”) of up to approximately 3.3 million units (each, a “Unit”) at a price of CDN$1.54 per unit (approx. US$1.50 per unit) for gross proceeds of up to approximately CDN$5.1 million (approx. US$5 million). Each unit will consist of one common share in the capital of CounterPath (each, a “Share”) and one-half (1/2) of one non-transferable common share purchase warrant (each, a “Warrant”) subject to adjustment. Each Warrant shall entitle the holder thereof to purchase one common share in the capital of CounterPath for a period of two years commencing from the closing date at an exercise price of US$2.25 per Warrant share. CounterPath anticipates that insiders will be subscribing for greater than 25% of the private placement.
The gross proceeds of the offering will be used to fund the operations of the Company. The closing of the offering is subject to certain conditions, including regulatory approval.
CounterPath Corporation is a leading provider of innovative desktop and mobile VoIP software products and solutions. The Company’s product suite includes SIP-based softphones, server applications and Fixed Mobile Convergence (FMC) solutions that enable service providers, enterprises and Original Equipment Manufacturers (OEM) to cost-effectively integrate voice, video, presence and Instant Messaging (IM) applications into their VoIP offerings and extend functionality across both fixed and mobile networks.
CounterPath’s customers include some of the world’s largest telecommunications service providers and network equipment providers including AT&T, Verizon, BT (British Telecommunications PLC), Deutsche Telekom, Cisco Systems, Mitel and Nortel.
David Karp Chief Financial Officer CounterPath Corporation +1.320.320.3344 ext 1110
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