NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO and TAMPA, Fla., Dec. 21, 2021 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company“), a technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that further to the news release issued on December 13, 2021, the Company, together with Cormark Securities Inc. and Eight Capital, as co-lead agents (together, the “Agents“), have agreed to increase the size of the previously announced private placement of common shares of the Company (the “Common Shares“) at a price of $0.90 per Common Share (the “Offering Price“) to aggregate gross proceeds of approximately $19.1 million (the “Brokered Offering“).
Concurrent with the Brokered Offering, the Company announces that it plans to complete a non-brokered private placement of Common Shares at the Offering Price per Common Share for proceeds of approximately $500,000 (the “Non-Brokered Offering” and together with the Brokered Offering, the “Offering“). No finder’s fee will be paid on the Non-Brokered Offering.
The Offering is expected to close on or about December 22, 2021. The net proceeds from the Offering are intended to be used for future acquisitions, working capital, and general corporate purposes. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange (the “TSXV“). The Common Shares issued pursuant to the Offering will be subject to a hold period expiring four months and one day from the date of issue.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless registered under the U.S. Securities Act and any applicable state securities laws or an exemption from such registration is available.
Amendment to Benutech Acquisition
The Company also announced that, further to the news release issued on November 24, 2021, it has signed an amendment (“Amendment“) to the agreement (“Agreement“) for the acquisition (“Acquisition”) of all the issued and outstanding stock of Benutech, Inc. (“Benutech”). Benutech is a preeminent source of innovative data solutions and technology applications for the title industry. Benutech enables real estate professionals, including lenders, investors, and real estate agents, to access property data from multiple public and private data sources through a subscription-based model.
Pursuant to the Amendment, the equity portion of the initial consideration for the Acquisition shall consist of 10,239,757 Common Shares, and the contingent portion of the consideration for the Acquisition shall consist of up to an additional 7,314,112 Common Shares, with the specific number of Common Shares to be determined in accordance with terms of the Agreement.
Completion of the Acquisition is subject to the receipt of all required regulatory, corporate, and third-party approvals, including the approval of the TSXV, and is expected to close in December 2021.
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation, and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking information”). Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include, but is not limited to: the use of proceeds of the Offering, the anticipated receipt of all requisite regulatory, corporate and third party approvals, including final approval of the Acquisition and the Offering by the TSXV; the completion of the Acquisition and the Offering on the currently anticipated terms and timing, in each instance; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: delays in obtaining all requisite approvals, the decision by management of the Company to utilize the proceeds of the Offering in a different manner than described herein; additional costs related to acquisitions; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure or failure to implement technological upgrades; the Company’s dependence on maintaining intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Chief Investment Officer
Tel: (416) 708-9764
Tel: (416) 479-9547