Listing: TSX Venture Exchange
Symbol: DNX
Dynex Announces New Loan Agreement
Financing Provides Additional Working Capital
Lincoln, England, January 3rd, 2006 -- Dynex Power Inc., a leading,
independent power semiconductor company, today announced that its UK
subsidiary, Dynex Semiconductor Ltd., has arranged a new term loan for
£120,000 ($243,100). The loan is being advanced by certain Directors of
the Company and will be used for general corporate purposes.
The
Chairman of the Company, Mr David Banks, and another Director of the
Company, Mr Daniel Owen, have provided the new facility which is a term
loan and which is repayable in equal monthly instalments between April
and September 2008. At the option of the lenders all or part of the loan
may be converted into shares of Dynex Semiconductor Ltd. If the full
amount of the loan were converted, Mr Banks and Mr Owen would be issued
371,000 shares in Dynex Semiconductor Ltd., equivalent to approximately
9.01% of its issued share capital after the conversion. The loan is the
third convertible loan made by Mr Banks and Mr Owen to Dynex
Semiconductor Ltd. If the lenders were to exercise all of their
conversion rights, then £863,762 ($1,749,100) of loans would be
converted into 1,866,159 shares in Dynex Semiconductor Ltd., equivalent
to approximately 33.23% of its issued share capital after the
conversions. In all three loans, Mr Banks and Mr Owen have participated
equally but any decision to convert the loans into shares in Dynex
Semiconductor Ltd. may be taken independently. In line with the practice
they have established with previous loans to the Company, the lenders
are offering participations in the new loan to other lenders and major
shareholders.
Dr. Paul Taylor, President and Chief Executive
Officer, commented, “I am pleased by the continuing improvement in
performance in line with the business plan established at the start of
2005. The additional financing provided by two of our Directors
evidences their confidence in our continued performance improvement and
provides additional funding for our working capital as our revenue
continues to grow”.
About the Company
Dynex is one of the world’s leading suppliers of specialist, high power
semiconductor products. Dynex Semiconductor Ltd is its main operating
business and is based in Lincoln, England in a facility housing the
fully integrated silicon wafer fabrication, assembly and test, sales,
design and development operations. Dynex designs and manufactures high
power bipolar discrete semiconductors, power modules, including
insulated-gate bipolar transistors (IGBTs), and high power electronic
assemblies. Dynex products are used world wide in power electronic
applications including electric power generation, transmission and
distribution, marine and rail traction drives, aircraft, electric
vehicles, industrial automation and controls. The company continues to
produce and sell certain high reliability integrated circuits (ICs) for
use in specialist applications led by its proven radiation hard
Silicon-on-Sapphire products for space and nuclear applications.
Press announcements and other information about Dynex are available on the
World Wide Web at http://www.dynexsemi.com.
All monetary
values expressed in this release are in Canadian dollars unless stated
otherwise.
The TSX Venture Exchange has neither approved nor
disapproved of the information in this press release.
For more information:
Dr. Paul Taylor
President and Chief
Executive Officer
or
Bob Lockwood
Chief Financial Officer
Dynex Power Inc.
Tel: UK +44 1522 500500
Email: paul_taylor@dynexsemi.com
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