Lite Access Bought Deal brings in $20.45 Million

Lite Access Closes Bought Deal Equity Financing of $20.45 Million

LITE ACCESS TECHNOLOGIES INC. (“Lite Access”) (TSX VENTURE: LTE)(OTC PINK: LTCCF) announces that it has closed its previously announced “bought-deal” financing of 9,090,000 common shares (“Common Shares”) of Lite Access, which includes 2,223,000 Common Shares issued pursuant to the exercise of the underwriters’ option in full and an over subscription of 200,000 Common Shares, at $2.25 per share (the “Issue Price”) for gross proceeds of $20,452,500 (the “Offering”).

The Offering was underwritten by a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Limited, Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the “Underwriters”).  In consideration of their services, the Underwriters received a cash commission equal to 6.0% of the gross proceeds of the Offering, and such number of broker warrants (“Broker Warrants”) equal to 6.0% of the aggregate number of Common Shares issued pursuant to the Offering.  Each Broker Warrant is exercisable for one Common Share at the Issue Price for a period of 24 months from closing of the Offering.

The securities issued under the Offering will be subject to resale restrictions expiring on July 29, 2017.

The net proceeds of the Offering will be used to fund growth initiatives and for general corporate purposes.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for account or benefit of, U.S. persons, absent registration or applicable exemption from the registration requirements. Any public offering of securities in the United States must be by means of a prospectus containing detailed information about the Company and management as well as financial statements.

About Lite Access
Lite Access is a world leader in Microduct and fibre optic technologies. Using its specially designed and innovative micro-trench and alternate methods of deployment, Lite Access’ proprietary Microduct technology extends a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, government and educational institutions, and emergency response facilities. Providing a full portfolio of fibre connectivity solutions for many types of Telecom infrastructure, Lite Access has successfully deployed or enabled deployment of thousands of kilometres of Microduct networks throughout North and South America, the United Kingdom, the Caribbean, Australia and Asia.

Lite Access’ products have been deployed in many high-profile communication networks including the Whistler 2010 Winter Olympic facilities, communities throughout British Columbia, the USA and Alberta as well as numerous Global telecoms that have adopted Lite Access as the “solution of choice” for future proof fibre optic connectivity solutions.  Providing total Integrated Solutions including proven and approved alternate deployment methodologies, Lite Access remains flexible and innovative in its commitment to enable global clients and  partners with the most cost effective and proven fibre connectivity available.

Forward Looking Information

This news release contains statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Lite Access uses words such as “may”, “would”, “could”, “will”, “likely”, “expect”, “believe”, “intend” and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Lite Access in light of its experience and its perception of historical trends, current conditions and expected future developments. However, whether actual results and developments will conform to Lite Access’ expectations and predictions is subject to any number of risks, assumptions and uncertainties including the proceeds of the Offering being used for the purposes set forth in this news release.  Many factors could cause Lite Access’ actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: risks and uncertainties described in Lite Access’s most recent Management Discussion & Analysis (MD&A) for the period ended December 31, 2016 which can be accessed at www.sedar.com. The “forward-looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, Lite Access undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Lite Access Technologies Inc