OctigaBay Systems Completes Equity Financing

OctigaBay Systems Corporation completed a private $24 million equity financing of shares with a group of investors comprised of Celtic House Venture Partners Inc., Ventures West Capital, Working Opportunity Fund, managed by GrowthWorks, and Business Development Bank of Canada. The deal closed on December 16, 2002. This was the largest seed financing of an information technology company in Canadian history.

McCarthy T├ętrault LLP acted for OctigaBay Systems, with a team comprised of Ted Koffman, Matthew Peters and David Crane. In-house counsel David Adderley, acted for Celtic House. Elizabeth Walker and Alex Kilgour of Osler, Hoskin & Harcourt LLP acted for the investors.