6/25/09 - Wi-LAN Inc. (TSX:WIN) announced that it has entered into a bought deal agreement with a syndicate of underwriters led by Paradigm Capital Inc. and Wellington West Capital Markets Inc. and including CIBC World Markets Inc., and Haywood Securities Inc.
Under the agreement, the syndicate will purchase from the Company 8,000,000 common shares of the Company "Common Shares" at a price of $2.05 per Common Share for gross proceeds of $16,400,000. The Underwriters have the option to purchase up to an additional 800,000 Common Shares at the issue price at any time prior to 30 days following the closing date for additional gross proceeds of $1,640,000.
The Common Shares to be issued under the offering will be offered by way of a short form prospectus in all of the provinces of Canada, other than the province of Quebec, and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.
The offering is scheduled to close on or about July 16, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the securities regulatory authorities.
The net proceeds from the offering will be used to fund acquisitions of patent portfolios identified as strategic to the Company's business and for working capital and general corporate purposes.
"Expanding our intellectual property portfolio is an important part of our business strategy," said Jim Skippen, Chairman & CEO. "In the current business environment we are seeing a number of interesting acquisition opportunities and this additional financing further enhances our ability to move quickly to purchase those high-quality assets that we believe will help grow our business."
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Wi-LAN, founded in 1992, is a leading technology innovation and licensing company. Wi-LAN has licensed its intellectual property to over 180 companies worldwide. Inventions in our portfolio have been licensed by companies that manufacture or sell a wide range of communication and consumer electronics products including 3G cellular handsets, Wi-Fi-enabled laptops, Wi-Fi/DSL routers, xDSL infrastructure equipment, WiMAX base stations and digital televisions. Wi-LAN has a large and growing portfolio of more than 550 issued or pending patents.