/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/

TORONTO, May 8, 2014 /CNW/ - Callidus Capital Corporation ("Callidus") (TSX: CBL), a provider of flexible and innovative asset-based loans, is pleased to announce that, in connection with Callidus' recently completed initial public offering of 18,000,000 common shares ("Common Shares") at a price of $14.00 per Common Share, Callidus has successfully closed the issuance of an additional 2,700,000 Common Shares pursuant to the full exercise of the previously announced over-allotment option (the "Over-Allotment Option") granted to the underwriters for aggregate gross proceeds of $37,800,000 million. The closing of the Over-Allotment Option brings the aggregate gross proceeds of Callidus' initial public offering to $289,800,000.

The Common Shares trade on the Toronto Stock Exchange under the symbol "CBL".  Upon closing of the Over-Allotment Option there are 48,691,297 Common Shares issued and outstanding.

The offering was made through a syndicate of underwriters led by Canaccord Genuity Corp. and including CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., GMP Securities L.P., Desjardins Securities Inc., and Dundee Securities Ltd. (collectively, the "Underwriters").

The net proceeds of the Over-Allotment Option will be used by Callidus for growth capital to support new loan assets.

On April 23, 2014, Catalyst Fund General Partner IV Inc. ("GPIV") acquired control or direction over 5,654,543 Common Shares, representing approximately 12.29% of the issued and outstanding Common Shares as at April 23, 2014. 1,529,371 Common Shares were acquired from treasury and 4,125,172 Common Shares were acquired pursuant to a prospectus exemption, rather than from treasury. The consideration for the Common Shares acquired was $14.00 per Common Share.

The Common Shares are held by GPIV for investment purposes.  Depending on market and other conditions, GPIV may, directly or indirectly, acquire ownership or control over additional Common Shares, through market transactions, private agreements or otherwise, in accordance with applicable securities legislation. Depending on market and other conditions (and subject to previously announced lock-up agreements), GP IV may sell any of its Common Shares.

A copy of the early warning report in respect of this acquisition can be obtained by contacting GPIV at the following address: 77 King Street West, Suite 4320, Toronto, Ontario  M5K 1K2.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Callidus Capital Corporation in any jurisdiction in which such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of said Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

About Callidus Capital Corporation

Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the company's assets, its enterprise value and borrowing needs.  Callidus employs a proprietary system of monitoring collateral and exercising control over the cash inflow and outflows of each borrower, enabling Callidus to very effectively manage any risk of loss.

Forward-Looking Statements

Certain statements made herein contain forward-looking information, including in respect of any future acquisition of Common Shares by GPIV. Although Callidus believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Callidus does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE Callidus Capital Corporation

Copyright 2014 Canada NewsWire

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