Toronto, Ontario--(Newsfile Corp. - June 1, 2021) - PESA Corporation ("PESA") is pleased to announce that the rights offering previously announced on April 19, 2021 and amended on May 3, 2021 has closed with a total of 19,332,346 common shares subscribed at a subscription price of $0.05 per share for the gross proceeds of $966,617.30.
PESA Executive Chairman Howard Sutton commented, "The new funds will be used to support the development and working capital to deliver the most secure mission critical cybersecure IP video distribution platform."
PESA issued a total of 15,987,137 shares under the basic subscription privilege, and an additional 3,345,209 shares under the additional subscription privilege. After the rights offering, total outstanding common shares of PESA increased from 30,733,825 to 50,066,171 shares. Total insider's shares increased from 4,390,882 shares to 7,152,055 shares, representing 14.3% of the issued and outstanding shares and remain the same percentage of total ownership as prior the rights offering. To the knowledge of PESA, no person became an insider of PESA as a result of the rights offering.
This news release includes "forward-looking information," as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of financial results or the outlook for the business, risks associated with its financial results and stability, the rights offering, use of funds, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company's judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
PESA is a leading supplier of cybersecure live video distribution solutions to the government, professional and broadcast market. As a leading innovator in securing IP low latency and high resolution capability from source to glass, PESA is used in zero trust environments that require mission critical performance.
CFO and VP of Finance
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