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Vecima Networks Announces Upsize via Private Placement Financing

December 9, 2022 – Victoria, B.C., Vecima Networks Inc. (“Vecima” or the “Company”) (TSX:VCM) is pleased to announce that due to significant demand, in addition to the offering for sale of up to 563,380 common shares (the “Common Shares”) in the capital of the Company as announced in a press release dated December 7, 2022 (the “LIFE Offering”), the Company has entered into an agreement with Raymond James Ltd. and Cormark Securities Inc. (together, the “Lead Agents”), as lead managers and joint book-runners, together with a syndicate of agents (collectively, with the Lead Agents, the “Agents”) pursuant to which the Lead Agents have agreed to offer for sale an additional 394,500 Common Shares at a price of $17.75 per Common Share (the “Offering Price”) for aggregate gross proceeds to the Company of approximately $7,002,375 (the “Private Placement” together with the LIFE Offering, the “Offering”).

If the Lead Agents exercise the agents’ option under the LIFE Offering in its entirety and 394,500 Common Shares are sold in the Private Placement, the total gross proceeds from the Offering will be $17,002,370.

The Common Shares sold pursuant to the Private Placement shall be subject to the four-month hold period set out in National Instrument 45-102 – Resale of Securities and will be offered in all Canadian provinces pursuant to the Accredited Investor Exemption under National Instrument 45-106 – Prospectus Exemptions and in such other jurisdictions that are mutually agreed to by the Company and the Agents.

The Company intends to use the net proceeds of the Offering for the repayment of the line of credit.

The Private Placement is expected to close concurrently with the LIFE Offering on or about December 14, 2022, subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

There is an amended offering document related to the LIFE Offering that can be accessed under the Company’s profile at www.sedar.com and at http://vecima.com/investor-relations/investor-information/. Prospective investors in the LIFE Offering should read this offering document before making an investment decision.

This press release shall not constitute an off er to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.

About Vecima Networks Inc.
Vecima Networks Inc. (TSX: VCM) is leading the global evolution to the multi-gigabit, content-rich networks of the future. Our talented people deliver future-ready software, services, and integrated platforms that power broadband and video streaming networks, monitor and manage transportation, and transform experiences in homes, businesses, and everywhere people connect. We help our customers evolve their networks with cloud-based solutions that deliver ground-breaking speed, superior video quality, and exciting new services to their subscribers. There is power in connectivity – it enables people, businesses, and communities to grow and thrive. Learn more at www.vecima.com.

For further information please contact:

Investor Relations – 250-881-1982

invest@vecima.com

Forward-Looking Statements

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Offering generally, the terms thereof, the use of the proceeds, the exercise of the Agents ‘ Option, the jurisdictions in which the Offering will be conducted, the filing of the offering materials and the satisfaction of the conditions of closing of the Offering, including the receipt, in a timely manner, of required approvals) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, ”plan” or “project” or the negative of these words or other variations on these words or comparable terminology.

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to d(ffer materially from those discussed in the forward-looking statements. A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading “Risk Factors” in the Company’s Annual Information Form dated September 22, 2022, as well as the Company’s continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, assumptions regarding the Company receiving all required approvals, the amount to be raised, the satisfaction or waiver of the conditions of closing of the Offering and the completion of the Offering on the expected terms.

Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance onforward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and Vecima disclaims any obligation to revise or update any suchforward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.