NEW YORK-Due to investor demand, Clearnet Communications Inc. sold 8 million shares of its common stock May 15, an increase of 1 million shares over the deal size anticipated when the company registered the planned offering with securities regulators last month.
The Class A non-voting shares sold at $19 each, raising gross proceeds of approximately $152 million for the wireless communications company, which is headquartered in Pickering, Ontario, Canada. Morgan Stanley Canada Ltd. was lead manager of the cross-border stock sale.
Clearnet provides dispatch communications services in more than 40 Canadian cities. It anticipates commercial launch of an enhanced specialized mobile radio digital network in the Ontario-Quebec region by the middle of this year.
Recently, Clearnet was awarded a 30-megahertz personal communications services license in Canada. It plans to launch PCS in some of Canada’s most populous cities by mid-1997.
