Lite Access is looking to raise gross proceeds of up to $1 million from the placement of up to 10 million units priced at $0.10 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.15 for 24 months, subject to an acceleration clause.
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Video Transcript:
I’m Kamantha Naidoo for Investmentpitch Media
Lite Access Technologies Inc. has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $1 million from the placement of up to 10 million units priced at $0.10 per unit.
The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.15 for 24 months, subject to an acceleration clause.
The shares are currently trading at $0.11.
Founded in 2004, Lite Access has become a world leader in fibre-optic products and advanced installation methodologies.
The company specializes in complete, integrated solutions including proven and approved alternate deployment methods for fibre installation, while remaining flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions 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.
The company’s 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.
Using state of the art equipment and procedures, Lite Access provides splicing and blowing of fibre-optic cable by our ETA certified team members.
Micro-ducts are available in various sizes and configurations.
Additional products also include Fibre-optic cable, Aerial Micro-duct, Low Fire Hazard Micro-ducts, connectors and sundries.
Greg Smith, Chairman & Interim CEO, stated: "I expect to see robust year-over-year growth throughout the remainder of fiscal 2022 as we mobilize to commence the recently signed $13.6 million contract with Brooks next month. Paired with the ongoing execution of our business, this solid backlog positions us well for 2022 and 2023 and we remain confident that we will add to it as RFP activity continues to be strong and above typical levels. I look forward to providing our shareholders with further updates as we expect to convert RFPs into awards and successfully execute upon our business plan."
For more information, please visit the company’s website at www.LiteAccess.com, contact Greg Smith, Chairman & Interim CEO at 604-247-4704.
Investor Relations is handled by Rob Gamley of Contact Financial, who can be reached at 604-689-7422 or by email at rob@contactfinancial.com.
I’m Kamantha Naidoo Investmentpitch Media
