Copernic (CNIC) Announces 500K Share Private Placement

November 12, 2009 4:20 PM EST

Copernic Inc. (NASDAQ: CNIC) has entered into an equity private placement agreement pursuant to which Mr. John G. Simmonds, and a group of accredited private investors led by Mr. Simmonds, have agreed to acquire five hundred thousand (500,000) Copernic restricted common shares from treasury. The Company has agreed to issue the new securities at US$4.00 per share for a total purchase price of US$2,000,000.00. The purchase price will be paid in cash at closing and the parties have agreed that closing will occur on or before December 14, 2009. Cash proceeds of the private placement will be utilized to finance a growth strategy comprised of acquisitions and organic growth.

The agreement also provides that the Board be reduced to five Directors and that John Simmonds be appointed a Director and Chairman of the Board with the right to name another Director. In order to fulfill this condition, Messrs Goldman, Kramer and Schwartz have agreed to resign as Directors and their agreements to resign are not the result of a disagreement with the Company on any matter relating to the Company's operations, policies or practices.

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