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Vecima Networks Announces Closing of Common Share Financings

December [14], 2022 – Victoria, B.C., Vecima Networks Inc. (“Vecima” or the “Company”) (TSX:VCM) is pleased to announce that it has closed the Company’s offering for sale of 563,380 common shares in the capital of the Company (the “Common Shares”) as announced in a press release dated December 7, 2022 (the “LIFE Offering”), and concurrently, has closed the Company’s brokered private placement of 394,500 Common Shares as announced in a press release dated December 9, 2022 (the “Private Placement” together with the LIFE Offering, the “Offering”).

The Company 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”) (the “Agency Agreement”), under which the Agents sold 563,380 Common Shares in the LIFE Offering, which includes the exercised option under the Agency Agreement to offer for sale an additional 56,280 Common Shares, and sold 394,500 Common Shares in the Private Placement.

Pursuant to the Offering, the Company issued 957,880 Common Shares at a price of $17.75 per Common Share for aggregate gross proceeds to the Company of approximately $17,002,370.

The Common Shares sold in the LIFE Offering were offered in all Canadian provinces pursuant to the Listed Issuer Financing Exemption under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”)

The Common Shares sold pursuant to the Private Placement are subject to the four-month hold period set out in National Instrument 45-102 – Resale of Securities and were offered in all Canadian provinces pursuant to the Accredited Investor Exemption under NI 45-106.

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

The amended offering document related to the LIFE Offering can be accessed under the Company’s profile at www.sedar.com and at http://vecima.com/investor-relations/investor-information/.

This press release shall not constitute an offer 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 use of the proceeds) 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 differ 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 applied material assumptions based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.

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 on forward-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 such forward-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.