CSI strengthens its balance sheet

A Hemisphere GPS product story

Edited by the Electronicstalk editorial team Nov 26, 2002

CSI Wireless has raised a further $4.3 million to pay off debts and fund general growth.

CSI Wireless has successfully closed an offering of 3,287,309 units.

The units were issued at a price of $1.30 per unit for gross proceeds of approximately $4.3 million.

Each unit is comprised of one CSI common share and one-half of one warrant to purchase a CSI common share.

Each whole warrant entitles the holder to acquire one common share at a price of $1.80 per share until 23rd February 2004.

The financing was completed through a syndicate of investment dealers led by CIBC World Markets and including National Bank Financial, Acumen Capital Finance Partners and Research Capital Corp.

CSI intends to use the proceeds to pay down debt and for working capital purposes to fund the general growth of its business.

"This injection of capital provides support for pursuing additional business opportunities that have recently come to CSI Wireless", stated Stephen Verhoeff, President and CEO of CSI Wireless.

"This strengthening of our balance sheet is also important for working with some of our larger corporate customers.

2003 should be an exciting year for us".