Open Text Completes $US 97,920,000 Financing

Waterloo, ON - 1999-05-04 - Open Text Corporation (NASDAQ:OTEX; TSE:OTC) announced today that it has completed an offering of 3,000,000 Special Warrants of the Company at a price of $US 34.00 per Special Warrant through a syndicate of investment dealers. The net proceeds of the financing of $US 97,920,000 will be used to fund acquisitions and for working capital.

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