07:11 AM EDT, 05/28/2024 (MT Newswires) -- Vecima Networks Inc. ( VNWTF ) earlier on Tuesday 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$17,497,200, and a concurrent non-brokered private placement of 476,190 Subscription Receipts at the Issue Price for gross proceeds of C$9,999,990 million, for aggregate gross proceeds of C$27,497,190 in commitments so far. The Financing is expected to close on May 29, 2024.

Subject to closing, the company intends to use the net proceeds of the Financing to finance a portion of the previously announced proposed acquisition of the Cable Business assets of Casa Systems, Inc. and certain of Casa's subsidiaries. If the transaction value of the proposed acquisition exceeds the proceeds of the Financing, the company will fund the remainder of the transaction value with cash on hand and potential additional financing, as needed.