Dalsa raises cash for more investments

Nov. 7, 2002 — Dalsa Corp., a Waterloo, Ontario-based provider of semiconductor and electronic components in MEMS and other technology areas, announced a deal to raise (U.S.) $20.6 million (CDN $32 million) according to a news release. The proceeds are intended to reduce debt to enable the company to consider investments or acquisitions, the release said.

Under the deal, a syndicate led by Yorkton Securities Inc. will purchase 2 million shares of common stock from the company, its chairman and chief executive Savvas Chamberlain and companies controlled by Chamberlain, at $10.3 (CDN $16) per share. Yorkton will also have the option to acquire up to 300,000 additional shares.

Dalsa recently reported third quarter income of $2.4 million (CDN $3.7 million), versus about $700,000 (CDN $1.1 million) for the year-earlier period. Revenues were $20.4 million (CDN$31.7 million), versus $9.3 million (CDN $14.4 million) for the third quarter of 2001.

Shares in Dalsa, which trade on the Toronto Stock Exchange and are not available to U.S. investors, closed up 5 percent at (CDN) $17.65 Wednesday.


Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.