Vancouver (pcJ News Briefs) – Lite Access Technologies Inc. (TSX-V: LTE; OTCPK: LTCCF) has closed its previously announced “bought-deal” of 9,090,000 common shares, which includes 2,223,000 shares issued pursuant to the full exercise of an overallotment option and an oversubscription of 200,000 shares, at $2.25 per share for gross proceeds of $20,452,500.
The offering was made by a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited, Canaccord Genuity Corp. and Haywood Securities Inc.
Proceeds will be used to fund growth initiatives and for general corporate purposes.
Lite Access is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and alternate methods of deployment, Lite Access’ proprietary Microduct technology extends a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities.
photo credit: Lite Access