TORONTO, June 12, 2013 /CNW/ - This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
Mr. Timothy J. McDonald, of 39 Coolidge Point, Manchester, MA, USA ("Mr. McDonald") announced today that he has acquired beneficial ownership of 16.54% of the common shares in the capital stock of DragonWave Inc. ("DWI").
As of January 11, 2013 Mr. McDonald had ownership of 5,433,326 DWI common shares, representing approximately 14.3% of the DWI issued and outstanding common shares.
Between February 21, 2013 and June 10, 2013, Mr. McDonald acquired an additional 859,009 common shares, becoming the beneficial owner of 6,292,335 common shares of DWI, representing 16.54% of the issued and outstanding common shares of DWI.
All the purchases were made through the facilities of NASDAQ. The average price for the common shares acquired between February 21, 2013 and June 10, 2013 was US$2.26 per share, equivalent to Cdn$2.30 per share based on the Bank of Canada daily noon exchange rate of 1.0187 Canadian dollar per US dollar as of June 10, 2013.
The securities were acquired as a private investment of Mr. McDonald who is not acting with any joint actor and does not have a control position in DWI. Mr. McDonald has no intention of acquiring ownership of, or control over, additional DWI securities.
A report containing additional information with respect to the foregoing matters will be filed with the Securities Commission in each jurisdiction where DWI is a reporting issuer and will be available for viewing through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at http://www.sedar.com. A copy of the report may also be obtained by contacting Mr. McDonald at the address below.
Mr. Timothy J. McDonald
39 Coolidge Point
Manchester, MA 01944
SOURCE DragonWave Inc.