CounterPath Corporation (“CounterPath” or the “Company”) (TSX-V: CCV) (OTCBB: CPAH), an award-winning provider of desktop and mobile VoIP software products and solutions, today announced that it intends to complete a non-brokered private placement of up to 1,400,000 units of the Company (the “Units”) at CDN$2.50 per Unit for total gross proceeds of up to CDN$3,500,000 (the “Offering”). The Company may increase the size of the private placement if warranted. The Company plans to use the proceeds from the Offering towards general working capital.
Each Unit consists of one common share and one-half of one share purchase warrant, with each warrant entitling the holder to acquire an additional common share at an exercise price of US$3.25 per common share for a period of two years from the closing date.
All of the securities to be issued by the Company in connection with the Offering will be subject to a hold period, which expires four months and a day after the closing date. The Offering is expected to close on or before June 19, 2012 and is subject to approval from the TSX Venture Exchange.
CounterPath’s SIP-based VoIP softphones are changing the face of telecommunications. An industry and user favorite, Bria softphones for desktop and mobile devices, together with the company’s server applications and Fixed Mobile Convergence (FMC) solutions, enable service providers, OEMs and enterprises large and small around the globe to offer a seamless and unified communications experience across both fixed and mobile networks. Standards-based, cost-effective and reliable, CounterPath’s award-winning solutions power the voice and video calling, messaging, and presence offerings of customers such as Alcatel-Lucent, AT&T, Verizon, BT, Mobilkom Austria, Rogers, Avaya, BroadSoft, Cisco Systems, GENBAND, Metaswitch Networks, Mitel and NEC. For more information, visit www.counterpath.com.
Disclaimer: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Financial Officer, CounterPath
(416) 815-0700 x278