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CLEARNET COMPLETES CROSS-BORDER OFFER

PICKERING, Ontario-Clearnet Communications Inc. announced it has successfully closed an underwritten cross-border public offering in Canada and the United States of 9.2 million of its class A non-voting shares at $19 per share, raising about $174.8 million.

As a result of investor demand, the underwriters exercised an option to purchase an additional 1.2 million shares at the offering price to cover over-allotments, said Clearnet. The company has about 40 million class A non-voting share equivalents outstanding after completing issue, including the over-allotted shares.

Proceeds of the offering will be used to fund part of the expenses that will be incurred when the company builds its personal communications services and business communications services networks and for general corporate purposes, said Clearnet.

The underwriting syndicate was lead-managed by Morgan Stanley Canada Ltd. and RBC Dominion Securities Inc. and co-managed by Nesbitt Burns Inc., Paine Webber Inc. and Prudential Securities Inc.

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