Ottawa (pcJ News Briefs) – DragonWave Inc. (TSX/NASDAQ: DRWI), a global supplier of packet microwave radio systems for mobile and access networks, intends to raise US $1.79 million in an at-the-market registered direct offering to institutional investors in the United States.
DragonWave is selling approximately 1,193,332 units at US $1.50 per unit. Each unit consists of one common share and half one share purchase warrant with each whole warrant exercisable at US $1.50 per share for a period of five and half years from the date of issuance.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC is acting as the exclusive placement agent.
The net proceeds will be used for general corporate purposes, which may include working capital, general and administrative expenses, capital expenditures and implementation of its strategic priorities.
DragonWave is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. The principal application of DragonWave’s products is wireless network backhaul, including a range of products ideally suited to support the emergence of underlying small cell networks. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWave’s corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America.
photo credit: DragonWave