Vancouver-based Metrobridge Networks Corp. (TSX-V:MEB) has raised more than $8 million from its initial public offering on the TSX.
The broadband Internet provider sold roughly 13.4 million units at $0.60 each. The units consisted of one common share and a common share purchase warrant exercisable for 24 months at $0.65.
Metrobridge's IPO is part of an aggressive company growth plan into the U.S. and across North America that focuses on providing wireless broadband Internet services.
In the past year, the company has not only hired a new CEO, but has also created one of the largest wireless broadband networks in B.C.
Company revenue has jumped more than 350% in the past few years to $4.5 million in 2006 from roughly $1 million in 2005.
Canaccord Capital Corp. led the public offering with a syndicate of underwriters that included Jennings Capital and Willington West Capital Inc. The underwriters have 30 days to buy up to $1.2 million in shares.