TORONTO—Microcell Telecommunications completed a C$39.6 million (US$27.4 million) rights with shareholders Telesystem and VoiceStream Wireless, increasing total proceeds to C$450.6 million (US$312.2 million) to date. The Montreal-based carrier of the Fido brand wireless service believes this financing, along with proceeds from an earlier offering, should provide it with enough funding to meet cash requirements until the end of 2003.
Microcell also issued 19.3 million additional class B non-voting shares as part of the pre-emptive rights option. The total number of common shares, class A non-voting shares and class B non-voting shares outstanding is now 240.2 million.
Following the issue of new shares, Telesystem and VoiceStream have a 25.1-percent stake and 14.6-percent stake respectively.
