Largest Financing of Canadian Internet Company

Norman D. Kribs of Fasken Martineau DuMoulin recently acted as counsel to Solect Technologies Group Inc. (a web-based software company) in what is believed to be the largest financing of a Canadian Internet Company. The transaction closed December 17, 1999. The value of the issue is approximately US$33.5 million. The funds were attracted from a group of U.S. investors led by Bain & Company and Weiss Peck & Greer LLC, both of San Francisco. The U.S. group was represented by Chris Hewat (corporate/securities) and Jeff Trossman (tax) of Blake, Cassels & Graydon LLP.