New contract, financing

CAMBRIDGE – COM DEV signs a $5.4 million contract with MacDonald, Dettwiler and Associates Ltd. to begin work on phase B of the Canadian Space Agency's RADARSAT Constellation Mission. COM DEV is ComDev.jpgdeveloping key payload subsystems for the project, centering on early prototype testing and risk control. In other news, COM DEV has entered into a bought financing deal with a syndicate of underwriters led by Genuity Capital Markets and including GMP Securities L.P. and Paradigm Capital Inc. that sees the space hardware subsystem developer selling 6,780,000 common shares at $2.95 per share, for an issue totaling $20,001,000. COM DEV has also extended the underwriters a 30-day option to buy up to an additional 1,017,000 common shares at the same price. The deal is expected to close by Feb. 26.

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