CSI Wireless Closes $3.8M Private Placement

CSI Wireless [TSX: CSY], a Calgary, Canada-based designer and manufacturer of wireless and GPS products, has successfully closed an offering of 3,305,750 stock and warrant units. The units were

issued at a price of C$1.60 (US$1.16) per unit for gross proceeds of approximately C$5.3 million (US$3.8 million).

Each unit is comprised of one CSI common share and one warrant to purchase a CSI common share. Each whole warrant entitles the holder to acquire one common share at a price of C$2.00 (US$1.45) per share until Aug. 8, 2005. The financing was completed through CIBC World Markets and Griffiths McBurney & Partners, with CIBC WM acting as lead agent. CSI intends to use the proceeds to pay down debt and for working capital purposes to fund the general growth of its business.