On February 21, 2007, Shift Networks Inc. announced that, subject to regulatory approval, it had closed $2,390,000 in the second and final tranche of an over-subscribed, brokered private placement consisting of secured convertible debentures and share purchase warrants. Shift Networks previously raised $1.7 million on January 2, 2007, for a total of approximately $4 million.
Lisa Marcuzzi and Brad Freelan of Fasken Martineau advised Loewen, Ondaatje, McCutcheon Limited, the lead agent for the private placement.