Product category:
Wireless Communications
News Release from: Hemisphere GPS
Edited by the Electronicstalk Editorial
Team on 19 November 2002
CSI raises funding for growth
CSI Wireless has entered into an engagement agreement with a syndicate of investment dealers providing for the issuance of a maximum of $8 million worth of units at a price of $1.30 per unit.
CSI Wireless has entered into an engagement agreement with a syndicate of investment dealers led by CIBC World Markets and including National Bank Financial, Acumen Capital Finance Partners and Research Capital Corp providing for the issuance of a minimum of $4.5 million and a maximum of $8 million worth of units at a price of $1.30 per unit Each unit is comprised of one CSI Wireless common share and one-half of one common share purchase warrant
This article was originally published on Electronicstalk on 12 Feb 2002 at 8.00am (UK)
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Each full warrant entitles the holder to purchase one additional common share of CSI Wireless at $1.80 per share for a period of 15 months following the closing date.
CSI Wireless intends to use the proceeds to pay down debt and for working capital purposes to fund the general growth of its business.
"We are entering a period of very high growth potential for the company", stated Stephen Verhoeff, President and CEO of CSI Wireless.
"Recent product launches and partnership announcements have spurred exciting new opportunities for CSI Wireless.
This new working capital allows us to better pursue this larger business and manage anticipated growth rates".
Closing of the private placement is expected to take place on or about 21st November 2002 and is subject to regulatory approval.
"I am pleased with the increased level of interest and support we have been receiving from the investment community", Verhoeff added.
"I am very excited about our prospects for the coming year and am intent on providing an attractive return on investment for our new and current shareholders".
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