TORONTO, June 12, 2013 /CNW/ - This news release is issued pursuant to
National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting
Mr. Timothy J. McDonald, of 39 Coolidge Point, Manchester, MA, USA ("Mr. McDonald") announced today that he has acquired beneficial ownership of 16.54%
of the common shares in the capital stock of DragonWave Inc. ("DWI").
As of January 11, 2013 Mr. McDonald had ownership of 5,433,326 DWI
common shares, representing approximately 14.3% of the DWI issued and
outstanding common shares.
Between February 21, 2013 and June 10, 2013, Mr. McDonald acquired an
additional 859,009 common shares, becoming the beneficial owner of
6,292,335 common shares of DWI, representing 16.54% of the issued and
outstanding common shares of DWI.
All the purchases were made through the facilities of NASDAQ. The
average price for the common shares acquired between February 21, 2013
and June 10, 2013 was US$2.26 per share, equivalent to Cdn$2.30 per
share based on the Bank of Canada daily noon exchange rate of 1.0187
Canadian dollar per US dollar as of June 10, 2013.
The securities were acquired as a private investment of Mr. McDonald who
is not acting with any joint actor and does not have a control position
in DWI. Mr. McDonald has no intention of acquiring ownership of, or
control over, additional DWI securities.
A report containing additional information with respect to the foregoing
matters will be filed with the Securities Commission in each
jurisdiction where DWI is a reporting issuer and will be available for
viewing through the Canadian System for Electronic Document Analysis
and Retrieval (SEDAR) at http://www.sedar.com. A copy of the report may also be obtained by contacting Mr. McDonald
at the address below.
Mr. Timothy J. McDonald
39 Coolidge Point
Manchester, MA 01944
SOURCE: DragonWave Inc.