Call-Net Enterprises Completes Offering

On September 9, 2003, Call-Net Enterprises Inc. closed a $37.5 million bought deal offering of 10 million class B non-voting shares. The closing of the over-allotment option occurred on October 2, raising the total gross proceeds to $43.125 million. The offering also included a private placement in the U.S.

Call-Net was represented in-house by George Malysheff, senior vice-president, CLO and corporate secretary, and Janice Spencer, director, legal, and assistant corporate secretary, and by Goodmans LLP with a team that included Dale Lastman, David Matlow, Sheldon Freeman, David Weinberger and Caroline Cook. The underwriting syndicate, led by BMO Nesbitt Burns Inc., and including CIBC World Markets Inc., TD Securities Inc. and National Bank Financial Inc., was represented by Torys LLP, with a team that included Kevin Morris, John Emanoilidis, Tom Yeo and Stephanie Montgomery-Graham in Toronto and Dan Miller in New York.