Raises $23.75 million

Wireless Ethernet products maker DragonWave Inc. raises $23.75 million dragonwave-126X64.JPGthrough a public offering announced in early September aimed at strengthening international sales. At $6.25 a share, the offering raised gross proceeds of $43.75 million on the issuance of 3.8 million of the company’s own common shares and 3.2 million shares held by certain investors. DragonWave will use its net proceeds mainly to increase sales penetration in regions outside of North America. It will also use the funds to develop its next-generation wireless ethernet products, improve its existing product line and for potential future acquisitions. The offering was led by Canaccord Capital Corp. and included CIBC World Markets Inc., Genuity Capital Markets G.P., Orion Securities Inc. and Raymond James Ltd.

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