News Release Details

Wi-LAN Announces $6.5 Million Bought Deal Financing with Research Capital and CIBC World Markets

01/09/2001


Financing will be used to further the commercialization of W-OFDM products and technology, and to enhance working capital

Calgary, Alberta
January 9, 2001

Wi-LAN Inc. (TSE:WIN), an innovator of high-speed wireless data/Internet communications, today announced that it has agreed to offer and sell, on a bought deal basis, a public offering of 838,800 units at a price of $7.75 per unit for gross proceeds of $6,500,700 to a syndicate of Canadian underwriters led by Research Capital Corporation and including CIBC World Markets Inc. Directors and Officers of Wi-LAN represent $2.7 million of this amount. The underwriters have an option to purchase up to an additional 400,000 units for total potential proceeds of $9,600,700. 

Each unit will consist of one Common Share plus one half of one Common Share Purchase Warrant. Each full Warrant will entitle the purchaser to acquire one Common Share of Wi-LAN for $10 at any time until two years from the closing of the offering. Wi-LAN will have the right to require the exercise of the Warrants if the Common Shares trade at a weighted average price above $40 per share for a period of 20 trading days. 

"We are taking a conservative approach to this financing," says Peter Kinash, CFO of Wi-LAN Inc. "We are balancing our company's projected cash needs while minimizing dilution for existing shareholders."

The financing will provide the company with the funding necessary to further the commercialization of W-OFDM products and technology, and will enhance working capital. 

The financing is scheduled to close on or about January 24, 2001 and is subject to customary regulatory approvals. The offering will be available in all provinces of Canada by way of short form prospectus, and is eligible under the usual Canadian statutes as well as for RRSPs, RRIFs and DPSPs.

The offered securities will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

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