Com Dev International Completes Offering and Over-allotment Option

On October 20, 2003, Com Dev International Ltd. completed a $20 million bought deal offering for 9,523,810 common shares at $2.10 per share. The co-lead underwriters for the offering were National Bank Financial Inc. and CIBC World Markets Inc. The underwriters fully exercised their 15 per cent over-allotment option on October 28, for an additional 1,428,571 common shares for a total of $3 million. Net proceeds from the offering will be used by Com Dev International to repay amounts owing under the promissory note in favour of Technology Horizons Limited and for general corporate and working capital purposes.

Com Dev International was represented by Stikeman Elliott LLP, with a team that included Samantha Horn, Simon Romano, Maurice Swan and Michael Burkett. The underwriters were represented by Wildeboer Rand Thomson Apps & Dellelce, LLP in Toronto, with a team that included Troy Pocaluyko and Vaughn MacLellan.