NEW YORK-Clearnet Communications Inc., a personal communications services licensee based in Pickering, Ontario, announced April 22 it had registered to sell a cross-border public offering of 7 million class A non-voting shares.
As of March 31, Clearnet had 30.8 million class A non-voting and equivalent shares outstanding. In connection with the proposed add-on offering, Clearnet filed a preliminary prospectus with the Ontario Securities Commission and a registration statement with the U.S. Securities and Exchange Commission. The underwriting syndicate is managed by Morgan Stanley Canada Ltd. and RBC Dominion Securities Inc.
Clearnet recently was awarded a national 30 MHz PCS license in Canada, and it plans to launch PCS in several of the country’s densely populated areas by mid-1997. Clearnet also is in the process of building out an Enhanced Specialized Mobile Radio digital network in its Ontario-Quebec coverage area, with commercial implementation anticipated for mid-1996. The company provides dispatch communications services in more than 40 Canadian cities.
