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Gold/Mining/Energy : Tundra Semiconductor Corp -- Ignore unavailable to you. Want to Upgrade?

To: Ian Murray who wrote (9)	1/28/1999 1:59:00 PM
From: Ron Schier	Read Replies (1) \| Respond to of 46

Tundra Launches a Successful Initial Public Offering KANATA, ON, January 27 /CNW/ - Tundra Semiconductor Corporation announced today that it has entered into an underwriting agreement with a syndicate of underwriters led by Merrill Lynch Canada Inc. Under the offering, a total of approximately 5.4 million common shares will be purchased by the syndicate and offered to the public at a price of $9.25 per share, for aggregate proceeds to Tundra of approximately $34.0 million and to Newbridge Networks and certain other selling shareholders of approximately $15.6 million. The underwriters have an option to purchase up to 803,626 additional common shares from Newbridge at $9.25 per share to cover over-allotments. Upon completion of the offering, Tundra will have a total of approximately 13.7 million shares outstanding. The closing of the initial public offering is scheduled to occur on or about February 8, 1999. The Toronto Stock Exchange has conditionally approved the listing of Tundra's common shares which will trade on the TSE under the symbol ''TUN''. The net proceeds to Tundra from the treasury portion of the offering will be used for research and development activities in connection with Tundra's current and future products, to satisfy commitments in relation to securing additional wafer fabrication capabilities, to fund Tundra's further integration of the Customer Owned Tooling (COT) production flow, and for general corporate purposes. Dr. Adam Chowaniec, Tundra's President and Chief Executive Officer, said: ''We are very pleased with the results of the initial public offering, which will enable Tundra to continue to support the delivery of Tundra's semiconductor products to its growing customer base''. Tundra Semiconductor Corporation designs, develops, markets and sells advanced semiconductor chips that perform specialized bus-bridging functions in embedded computer systems commonly found in such products as routers and switches, internet access products, wireless communications infrastructure and robotic systems. In the past two years over 370 companies have purchased Tundra's products. These securities have not been and will not be registered under the United States Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Copies of the prospectus may be obtained from Merrill Lynch Canada Inc. Requests should be made to Peter Breen, Distribution Centre, Merrill Lynch Canada Inc., 22 Front St. West, 5th Floor (416) 681-4141. Copies may also be obtained from the other members of the underwriting syndicate: CIBC Wood Gundy Securities Inc., TD Securities Inc. or Nesbitt Burns Inc Also canoe.ca