Dynex Power Inc. (Ottawa, Canada) announced a private placement of 1,500,000 common shares at $0.65 per common share. The majority of the common shares from this placement, 1,050,000, will be issued as compensation to employees whose salaries were reduced by 20 percent during the first quarter of 2002. The additional funds in the amount of $292,500 have been raised from current shareholders and will be used for working capital purposes for the business.
"We continue to make progress towards a robust recovery and the successful conclusion to our financial restructuring program. I am pleased to say that we now have an additional 330 committed, hard-working shareholders at Dynex in the form of our employees. This private placement demonstrates the commitment of both shareholders and employees to our business, as well as their confidence in our success," stated Michael LeGoff, president and CEO.
