Published on 9 November, 2011
| Avigilon's aim is to foster continuous innovation of their high-definition surveillance products|
("Avigilon"), a leader in high-definition (HD) surveillance systems, announced today that it has completed its previously announced initial public offering and secondary offering of its common shares (the "Offering"). Avigilon's common shares will begin trading today on the Toronto Stock Exchange under the symbol "AVO".
Pursuant to the Offering, Avigilon issued 4,444,446 common shares at a price of $4.50 per share for total gross proceeds to Avigilon of $20,000,007. In addition, 1,110,000 common shares were sold by certain shareholders (the "Selling Shareholders") of Avigilon at a price of $4.50 per share for total gross proceeds to the Selling Shareholders of $4,995,000.
The Offering was underwritten by a syndicate of underwriters led by Raymond James Ltd. and including BMO Nesbitt Burns Inc. and GMP Securities L.P. (collectively, the "Underwriters").
Avigilon and the Selling Shareholders have granted the Underwriters an over-allotment option, exercisable in whole or in part at any time for a period of 30 days following the closing of the Offering, to purchase, in aggregate, up to an additional 833,167 common shares at a price of $4.50 per share.
Avigilon intends to use the net proceeds of the Offering to expand sales and marketing in North America and internationally, to expand product development, and for working capital and general corporate and administrative purposes.
"We appreciate the strong interest from investors in our initial public offering and the confidence our new shareholders have shown in our company
," said Alexander Fernandes, President and Chief Executive Officer, Avigilon. "Today marks a key milestone in supporting the ongoing evolution of Avigilon, stimulating our growth in international markets and fostering further innovation in the development of our high-definition surveillance products