Aastra Announces Closing of Financing
TORONTO, ONTARIO--
NOT FOR RELEASE INTO THE UNITED STATES
Aastra Technologies Limited -(TSE: "AAH") today announced that it
has completed a $55.0 million private placement with an
underwriting syndicate comprised of Yorkton Securities Inc.,
Sprott Securities Limited, Canaccord Capital Corp., Acumen Capital
Finance Partners Limited and HSBC Securities (Canada) Inc. The
special warrant offering was first announced on January 14, 2000.
The Company issued 4,400,000 special warrants at a purchase price
per special warrant of $12.50. Each special warrant entitles the
holder to acquire, at no additional cost, one common share, or in
certain circumstances 1.1 common shares, of the Company. The
Underwriters also have received compensation warrants entitling
them to purchase, for the issue price, 5% of the number of common
shares issuable upon exercise of the special warrants at any time
in the next two years.
A preliminary prospectus qualifying the distribution of the
underlying common shares is expected to be filed before May 4,
2000.
The majority of the proceeds of the special warrant offering will
be used to finance the acquisition of certain assets of Nortel
Networks' Access Solutions Division announced December 13, 1999.
The balance of the proceeds of the special warrant offering will
be used for general working capital purposes.
Aastra Technologies Limited develops and distributes
telecommunications equipment. Aastra offers a full line of
products ranging from Caller ID adjuncts to full-featured
communications systems. Aastra sells to the majority of the
telecommunications companies in North America. In the retail
market, Aastra has the exclusive license to use the "BELL (r)
Equipment - SONECOR" trademark for telephone sets and its products
are distributed to Wal-Mart, Circuit City, Radio Shack and other
mass retailers.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Allan Brett
V-P Finance & CFO
416-736-3150
abrett@aastra.com |
