DragonWave Inc. (NASDAQ: DRWI) said it has closed its previously announced public offering of approximately 11.9 million units for gross proceeds of approximately USD25m.
The units were offered at a price to the public of USD2.10 each, consisting of one common share and three quarters of one warrant. The company said it does not intend to list the warrants on any stock exchange.
The net proceeds of the offering, before expenses, were approximately USD23.5m. The company said it intends to use the net proceeds from the offering to strengthen its balance sheet, to fund working capital and for general corporate purposes.
Canaccord Genuity acted as the sole book-running manager for the offering.
DragonWave is a provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWave´s carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. DragonWave´s corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America. For more information, visit www.dragonwaveinc.com.