CounterPath, a software company, said Wednesday that it plans to complete a non-brokered private placement of up to 10% of its outstanding shares of common stock.
Chairman Terry Matthews, CEO Donovan Jones and the company’s second largest shareholder, KMB Trac Two Holdings plan to invest in the offering.
The company intends to use the net proceeds to fund the marketing of Bria X, expand sales and business development resources, fund development for integration of the company’s UC offering with other enterprise applications and for general corporate purposes. The offering is expected to close on or about Dec. 15. Shares were more than 3% lower in recent morning trade.