Listing: TSX Venture Exchange
Symbol: DNX
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.
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
Finance Director and Chief Financial Officer
Dynex
Power Inc.
Tel: +44 1522 500 500
Email: paul_taylor@dynexsemi.com
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