Toronto - December 17, 2009 - Data & Audio Visual Enterprises Wireless Inc. (DAVE Wireless) announced today that it has raised $75 million in additional capital from a group of Canadian institutional investors.
The private placement, led by GMP Securities L.P. and National Bank Financial Inc., represents an additional infusion of capital for the new company as it prepares to launch in early 2010 and bring competition and choice to Canada's wireless market
This announcement comes only two months after DAVE Wireless finalized $125 million in long-term financing through ING Bank N.V.
"We are on track to bring competition to Canadian wireless consumers in early 2010 with our state-of-the-art Ericsson 3G network," said Dave Dobbin, president of DAVE Wireless. "Raising an additional $75 million for continue growth will significantly enhance our position in the market."