Sphere 3D Corp. (ANY)

[blueblizzy]

Sphere 3D Closes $10.0 Million Underwritten Financing

MISSISSAUGA, Ontario, June 5, 2014 (GLOBE NEWSWIRE) -- Sphere 3D Corporation (ANY.V) (SPIHF) ("Sphere 3D" or the "Company"), developer of Glassware 2.0(TM) foundational thin client technology, announced today that it has closed its previously announced underwritten private placement financing for gross proceeds of $10,000,250 (the "Offering").

As described in the Company's press release dated May 15, 2014, the Offering consisted of an aggregate of 1,176,500 special warrants of the Company (each a "Special Warrant") at a purchase price of $8.50 per Special Warrant. The Offering was led by Cormark Securities Inc. and the underwriting syndicate included Jacob Securities Inc. and Paradigm Capital Inc. (collectively, the "Underwriters").

Each Special Warrant, upon exercise or deemed exercise, will convert into one unit of the Company (a "Unit") with each Unit being comprised of one common share of the Company (a "Common Share") and one-half of a Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant is exercisable at an exercise price of $11.50 per share for a period of two years from the closing date.

The Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering. The Company has also reimbursed the Underwriters for reasonable fees and expenses incurred in connection with the Offering.

All securities issued in connection with the Offering are subject to a four-month hold period from the issuance date in accordance with the policies of the TSX Venture Exchange (the "TSXV") and applicable Canadian securities laws. Sphere 3D intends to file a short form prospectus (the "Final Prospectus") in each of the Provinces of British Columbia, Alberta and Ontario (collectively, the "Offering Jurisdictions") qualifying the Units issuable upon exercise or deemed exercise of the Special Warrants by July 31, 2014, failing which the holder would be entitled to receive 1.05 Units upon exercise or deemed exercise of the Special Warrants. Any unexercised Special Warrants will be deemed to be automatically exercised on the earlier of: (i) the third business day following the day on which a final receipt is issued in the Offering Jurisdictions for the Final Prospectus qualifying the distribution of the Units; and (ii) October 6, 2014.

The offered securities pursuant to the Offering are not registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

http://finance.yahoo.com/news/sphere-3d-closes-10-0-151434219.html