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Vancouver, British Columbia - TheNewswire - July 22, 2019 - GlobeX Data Ltd. ("GlobeX" or the "Company") (CNSX:SWIS, SWIS.WT) is pleased to announce that, it successfully completed its initial public offering (the "IPO") of 5,692,000 units (the "Units") of GlobeX at a price of $0.25 per Unit for total gross proceeds of $1,423,000 (the "Proceeds"), pursuant to the final prospectus of the Company dated May 8, 2019. Each Unit is comprised of one common share (a "Common Share") and one tradable share purchase warrant (each a "Tradeable Warrant") exercisable at a price of $0.75 to acquire one Common Share until July 22, 2022.
Pursuant to the agency agreement dated May 8, 2019, Mackie Research Capital Corporation acted as agent (the "Agent") for the IPO. GlobeX paid to the Agent a cash commission equal to $113,840 representing 8% of the Proceeds and granted the Agent and its sub agents non-transferable warrants entitling the Agent and its sub agents to purchase a total of 455,360 Common Shares at a price of $0.25 per Common Share until July 22, 2022. In connection with the IPO, the Agent also received a corporate finance fee.
Following the closing of the IPO, the Company now has 52,420,282 Common Shares issued and outstanding, of which an aggregate of 31,960,001 Common Shares are held in escrow pursuant to the escrow agreement dated May 8, 2019 and an aggregate of 5,692,000 Tradeable Warrants are issued and outstanding.
The net proceeds from the IPO, together with the existing working capital of the Company will be used by the Company to fund its business development campaign, software development and server maintenance expenditures, and general and administrative expenses.
GlobeX's Common Shares and Tradable Warrants were listed on the Canadian Securities Exchange ("CSE") effective July 22, 2019 and are anticipated to commence trading on the CSE on July 23, 2019 under the symbols "SWIS" and "SWIS.W", respectively.
GlobeX distributes, designs and develops Swiss hosted software and cybersecurity solutions for secure data management and secure communications. The Company distributes a suite of secure cloud-based storage, document management and collaboration, encrypted e-mails, and secure communication tools. GlobeX sells its products through distributors and telecommunication companies worldwide. GlobeX serves consumers, businesses and governments worldwide.
Information set forth in this press release contains forward-looking statements relating to the use of proceeds. These statement are made as of July 22, 2019 and are based on assumptions as of that date. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. GlobeX cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond GlobeX's control. Such factors include, among other things: risks and uncertainties relating to the future of the Company's business; the success of marketing and sales efforts of the Company; the projections prepared in house and projections delivered by channel partners; the Company's ability to complete the necessary software updates; increases in sales as a result of investments software development technology; consumer interest in the Products; future sales plans and strategies; reliance on large channel partners and expectations of renewals to ongoing agreements with these partners; anticipated events and trends; the economy and other future conditions; and other risks and uncertainties, including those described in GlobeX's prospectus dated May 8, 2019 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, GlobeX undertakes no obligation to publicly update or revise forward-looking information.
On behalf of the Board of Directors
Alain Ghiai
CEO
(604) 558-5134
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