Open Text Raises US$68 Million In Offering

Waterloo, ON - 1999-04-26 - Open Text Corporation (NASDAQ:OTEX; TSE:OTC), announced today that it has entered into an agreement with a syndicate of investment dealers under which the syndicate has agreed to purchase 2,000,000 Special Warrants of the Company at a price of $US 34.00 per Special Warrant, for gross proceeds of $US 68,000,000. In addition, the syndicate has the option, until 48 hours after acceptance, to purchase up to an additional 500,000 Special Warrants which, if fully exercised, would increase the offering to $US 85,000,000. The offering is scheduled to close on or about May 3, 1999.

The net proceeds of the offering will be used to fund acquisitions and for working capital.

Each Special Warrant is exercisable to acquire one common share of the company without payment of additional consideration.

The offered securities will not be registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities act.

The first trade of the common shares issuable upon exercise of the Special Warrants is required to be made on the Toronto Stock Exchange (or otherwise outside of the United States) in compliance with Regulation S of the Securities Act and, in most cases, subsequent trades can be made on either the TSE or on NASDAQ.

Release Disclaimer

Livelink is a registered trademark and Open Text, HyperInnovation, Toward HyperInnovation and MyLivelink are trademarks of Open Text Corporation. All other trademarks are the property of their respective companies.