November 10, 2022 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (“Lite Access”) (TSX VENTURE: LTE)(OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, is pleased to announce a fully subscribed non-brokered private placement financing of $1,052,000 (the “Offering”). The Offering consists of: (i) a private placement of secured convertible debentures (“Debentures”) in the principal amount of $500,000 (the “Debenture Offering”); and (ii) 11,040,000 common shares (“Shares”) at $0.05 per share for gross proceeds of up to $552,000 (the “Share Offering”). The Offering was subscribed for by insiders and key stakeholders of the Company.
Under the Debenture Offering, the Debentures will be secured under a general security agreement, bear a fixed interest rate of 12% per annum and be due two years from the date of issue (the “Issue Date”). Further, the Debentures will be convertible into common shares of the Company at a conversion ratio of $0.07 per common share if converted during the period from the Issue Date to the last day of the first anniversary of the Issue Date, and $0.10 if converted during the period from the first day of the second anniversary of the Issue Date to the last day of the second anniversary of the Issue Date.
The securities issued under the Offering will be subject to restrictions on resale. The proceeds of the Offering will be used for working capital purposes. The Offering is subject to acceptance of the TSX Venture Exchange.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
For further information please contact:
Lite Access Technologies Inc.
Michael Plotnikoff, CEO
Phone: 1-604-247-4704
20108 Logan Avenue
Langley, BC V3A 4L6
For investor relations please contact:
Rob Gamley
Phone: 1-604-689-7422
Email: rob@contactfinancial.com
Contact Financial Corp.
208A – 980 West 1st Street
North Vancouver, BC V7P 3N4
Forward Looking Information
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Lite Access uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Lite Access’ actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the financial year ended September 30, 2021 which can be accessed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the 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.