DIRECT COMMUNICATION SOLUTIONS, INC. (the 'Company', 'DCS') (CSE: DCSI) is pleased to announce the closing of its initial public offering, consisting of a new issue of 1,328,500 shares of common stock of the Company ('Shares') priced at CDN$2.00 per Share, for gross proceeds of CDN$2,657,000 (the 'Offering').
'The listing on the Canadian Securities Exchange creates opportunities for DCS to build upon our success and complete the development of our new products,' says Chief Executive Officer Christopher Bursey. 'Having access to additional capital will allow us to accelerate our growth, furthering our position as a fully integrated Internet of Things (IoT) products, services and solutions provider.' Industrial Alliance Securities Inc. (the 'Agent') acted as lead agent for the initial public offering. In connection with the Offering, the Company granted an aggregate of 106,280 agent compensation warrants, exercisable for a period of 24 months from the date of listing, to purchase an additional 106,280 Shares. In addition, the Agent received a cash commission equal to 8.0% of the gross proceeds of the Offering. The Company also reimbursed the Agent for its expenses and costs, including legal fees, in relation to the Offering. On January 6, 2020, the Canadian Securities Exchange ('CSE') issued a bulletin approving the listing of the Shares (the 'Exchange Bulletin'). As per the Exchange Bulletin the Shares commenced trading on the CSE on January 7, 2020 and were immediately halted pending the CSE's receipt and review of the final Offering documentation. It is expected that the Shares will resume trading under the trading symbol 'DCSI' on January 8, 2020.
Forward-Looking Information Cautionary Statement
Certain statements contained in this press release constitute forward-looking information. The use of any of the words 'could', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the Company's expectation as to the potential accelerated growth and further development of the Company's business and resumption of trading of the Shares on the CSE is forwardlooking information. Actual results and developments may differ materially from those contemplated by this forward-looking information.
Contact:
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