SR Telecom closes bought deal financing and concurrent private placement

On February 18, 2004, SR Telecom Inc. completed a public offering of units for gross proceeds of $40 million and a concurrent private placement of units for gross proceeds of $4 million. On February 24, 2004 the underwriters exercised the over-allotment option for an additional $6 million of gross proceeds for a total gross proceeds of $50 millions for the offering. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of $9.00 per share for a period of two years following closing. The warrants have been listed on the Toronto Stock Exchange.

Desjardins Securities Inc. lead the offering and the private placement with a syndicate which included TD Securities Inc. and CIBC World Markets.

SR Telecom was represented by Fasken Martineau in Montreal with a team that included Gilles Leclerc, Peter Villani, Daniel Yelin, Mark Paterson and Gabriel Castiglio (securities, mergers and acquisitions) and Gilles Carli (taxation).