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ISE completes US$20.7 million IPO

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ISE Limited

On February 23, 2010, ISE Limited (TSX: ISE) announced that it had successfully completed its initial public offering of 3,450,000 common shares at a price of $6.00 per common share for gross proceeds of $20,700,000. The offering was sold through a syndicate of underwriters co-led by Raymond James Ltd. and RBC Dominion Securities Inc., and including Cormark Securities Inc. and Jacob Securities Inc. ISE is a leading developer, manufacturer and distributor of heavy duty hybrid-electric drive systems. The company intends to use the net proceeds from the offering for research and development, capital equipment purchases, secured convertible promissory note repayment, and sales and marketing expansion. ISE was advised in this transaction by a team from Fasken Martineau led by Rubin Rapuch and that included Georges Dubé, Jennifer Armstrong, Amanda Fullerton and Martin Fisher-Haydis.


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