Vecima Networks Inc. (VCM.TO) announced a financing of up to C$32 million, having received subscription agreements in connection with a brokered private placement of 833,200 subscription receipts of the company at a price of C$21.00 per subscription receipt for gross proceeds of C$17.5 million, and a concurrent non-brokered private placement with 684739 B.C. Ltd. of 476,190 subscription receipts at the issue price for gross proceeds of C$9.9 million, for aggregate gross proceeds of C$27.5 million in commitments so far. The financing is anticipated to close on May 29, 2024.
The company plans to use the net proceeds to finance a portion of the previously announced proposed acquisition of the Cable Business assets of Casa Systems, and certain of Casa's subsidiaries.
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