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| Ron Clifton, IDC. (Darren Brown, OBJ) |
International Datacasting Corp. is planning to raise $10 million in a treasury offering of its common shares to strengthen its balance sheet.
The Ottawa-based satellite products maker said a syndicate of underwriters, led by Wellington West Capital Markets Inc. and including Canaccord Capital Corp. and MGI Securities Inc., will buy 12.5 million of IDC's common shares at 80 cents each.
The agreement includes the usual over-allotment option to raise an additional $1.5 million.
The company said it will use the net proceeds from the offering to fund sales and marketing efforts, the development of its next generation of Internet protocol television and other video-related products, and for potential future acquisitions.
The offering is expected to close on or around Nov. 22, 2007.
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