Intrinsyc Announces Partial Exercise of Over-Allotment Option and Changes to Senior Management
Intrinsyc Software International, Inc. (the “Company”) (TSX:ICS) is pleased to announce that the underwriting syndicate led by Canaccord Adams, and including Paradigm Capital Inc., Raymond James Ltd. and GMP Securities L.P., has partially exercised its over-allotment option to purchase an additional 3,051,900 Common Shares, at a price of $0.60 per Common Share, granted in the Company’s public offering that closed on May 10, 2007. The gross proceeds resulting from the over-allotment option exercise, which is expected to close on June 7, 2007, are $1,831,140. The total offering is therefore 36,385,900 Common Shares for gross proceeds to the Company of $21,831,540.
In addition, the Company announced today that Andrew Morden, Chief Financial Officer, has submitted his resignation as CFO of the Company effective July 6, 2007. “We are disappointed that Andy has made the decision to leave Intrinsyc but are grateful for his past contributions to the Company and in particular for his work in bringing the Company to its current financially sound position”, said Glenda Dorchak, Chairman and CEO. “We wish him every success as he pursues new challenges.” Upon Mr. Morden’s departure the Company’s current Director of Finance, Mr. David Fischer, Chartered Accountant, will assume the role of acting CFO reporting to Ms. Dorchak.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States. The securities to be sold in the Offering have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States or to a U.S. person absent registration or an exemption from the registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements.
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