Listing: TSX Venture Exchange
LINCOLN, England, Dec. 31 /CNW Telbec/ - Dynex Power Inc., a leading specialist high power semiconductor company, today reported that the rights issue first announced on October 26th, 2009 was oversubscribed, with strong demand from the minority shareholders as well as the majority shareholder, Zhuzhou CSR Times Electric Co., Ltd., taking up the 75% of the available rights as it had previously indicated.
Computershare, the Company's registrar, informed Dynex that all of the 40,195,714 shares that were available through the exercise of rights had been taken up and exercised by 5:00pm Eastern Standard Time on December 30th, 2009, which was the expiry date of the issue as set out in the Final Prospectus filed November 23rd, 2009. This total includes the early subscriptions that were announced on December 22nd, 2009. At the issue price of $0.56 per share, the gross proceeds of the issue were $22,509,600 which is expected to produce the net proceeds of approximately $22,009,600 set out in the prospectus.
A spokesman for the Company, said that the Management, Board of Directors and majority shareholder, Zhuzhou CSR Times Electric Co., Ltd. were all very gratified with the results of the rights issued and highly appreciative of the strong support from the minority shareholders. The spokesman also said that the Company was eager to put the money to work and looks forward to the successful completion of the expansion and upgrade of the Company's fabrication facility for silicon chips to be used in IGBT modules. The existing line, which processes 4-inch diameter silicon, is being replaced by two 6-inch lines. The installation of the two new lines will increase capacity approximately tenfold to help Dynex take advantage of the significant opportunities in China.
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high power insulated gate bipolar transistor (IGBT) modules, high power electronic assemblies and radiation hard silicon-on-sapphire integrated circuits (SOS IC's). The Company's power products are used worldwide in power electronic applications including electric power transmission and distribution, renewable and distributed energy, marine and rail traction motor drives, aerospace, electric vehicles, industrial automation and controls and power supplies. Its IC products are used in demanding applications in the aerospace industry. Dynex Semiconductor Ltd is its only operating business and is based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design and development operations. Dynex is majority owned by Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan Province in the People's Republic of China. It is listed on the Hong Kong stock exchange. CSR Times Electric is mainly engaged in the research, development, manufacture and sales of locomotive train power converters, control systems and other train-borne electrical systems, as well as the development, manufacturing and sales of urban railway train electrical systems. In addition, CSR Times Electric is also engaged in the design, manufacturing and sales of electric components including power semiconductor devices for the railway industry, urban railway industry and non-railway purposes.
Press announcements and other information about Dynex are available at www.dynexsemi.com.
Further information on CSR Times Electric can be found at www.timeselectric.cn/en
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Dynex Power Inc.
For further information: For further information: Dr. Paul Taylor, President and Chief Executive Officer; or Bob Lockwood, Finance Director and Chief Financial Officer, Dynex Power Inc., Tel: +44 1522 500 500, Email: firstname.lastname@example.org