COM DEV International Ltd. (TSX:CDV) has completed its offering of 6,780,000 common shares together with the issue of an additional 1,017,000 common shares further to the exercise in full by the Underwriters of their over-allotment option, all priced at $2.95 per share for a total of 7,797,000 common shares with gross proceeds of $23,001,150.
The Offering was completed pursuant to an underwriting agreement dated February 11, 2009 between the Company and a syndicate of underwriters led by Genuity Capital Markets and including GMP Securities L.P. and Paradigm Capital Inc. (collectively, the “Underwriters”) and pursuant to a final short form prospectus dated February 19, 2009. The proceeds of the Offering will be used principally for progressing the commercialization of the Company’s Automatic Identification System (AIS) technology.
