Redknee Solutions Inc. (TSX: RKN) has closed previously announced private placement to Wave Systems Corp., an affiliate of ESW Capital, LLC, of 800,000 Series A Preferred Shares for gross proceeds of US $83.2 million. As part of the financing, Redknee Solutions also issued a warrant to purchase 46,285,582 common shares for an exercise price of US $1.2963 per common share.
Demetrios Anaipakos, Scott Brighton, Chris Helling and Andrew Price, the nominees of ESW Capital, have joined Redknee board of directors. To make room for the new directors, Dahra Granovsky, Greg Jacobsen and Steve Davies have resigned from the board. Redknee’s other board members include Alan Michels, Kent Thexton, and CEO Lucas Skoczkowski.
In connection with the financing, TD Securities Inc. and Goodmans LLP acted as financial and legal advisors to Redknee board of directors. Blake, Cassels & Graydon LLP and Aird & Berlis LLP acted as legal counsels to Redknee and ESW Capital respectively.
photo credit: Redknee Solutions