CounterPath Closes Previously Announced Private Placement
Vancouver, BC, Canada — December 5, 2008 —
CounterPath Corporation (TSX-V: CCV; OTCBB: CPAH), a leading provider of desktop and mobile VoIP software products and solutions, today announced that it has closed the private placement announced on July 30, 2008. The private placement was completed in two tranches, the first of which closed on July 31, 2008 and the second of which closed on October 28, 2008. The Company issued an aggregate of 2,530,841 units at a price of US$1.50 (CDN$1.54) per unit for gross proceeds of US$3,784,439 (CDN$3,897,497), with each unit consisting of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant shall entitle the holder thereof to purchase one common share for a period of two years commencing from the respective closing of each tranche of the private placement at an exercise price of US$2.25 per warrant share.
The shares and warrants issued in the private placement were not and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of United States Securities Act of 1933.
The shares, the warrants and the shares issued on the exercise of the warrants are subject to hold periods as follows:
||End of Hold Period
||July 31, 2008
||December 1, 2008
||October 28, 2008
||March 1, 2009
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.
Disclaimer: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. For more information please contact:
David Karp CounterPath Corporation +1.604.320.3344 ext 1110 Investor Relations