Dynex Announces Proposed Equity Transaction
Lincoln, England, March 30 2006 -- Dynex Power Inc., a leading, independent power semiconductor company, today announced that it had entered into an agreement with a group of independent investors led by Dr. Hatim Zaghloul, the co-founder of Wi-LAN Inc. and Cell-Loc. Inc. with respect to the provision of up to $550,000 in a private placement of Common Shares of the Company at a price of $0.11 per share, being the market price of the Common Shares at the date the terms of such private placement were finalised. Price protection for a private placement at $0.11 per share was obtained from the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange and all other necessary regulatory approval. Closing is expected to occur on or before April 13, 2006.
Dynex intends to use the proceeds for working capital purposes.
“We are continuing to operate on-plan and will use the proceeds from the private placement to make further improvements to our production efficiency,” stated Dr. Paul Taylor, President and Chief Executive Officer.
For more information:
Dr. Paul Taylor
President and Chief Executive Officer
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500