DragonWave Inc.

DragonWave Inc.

May 16, 2008 01:00 ET

DragonWave Inc - Block Admission Upddate

RNS only

OTTAWA, CANADA--(Marketwire - May 16, 2008) - DragonWave Inc.("DragonWave" or "the Company")(TSX:DWI)(AIM:DWI) is providing an update to its block admission filed on November 13, 2007 (the "Scheme").

For the period from November 13, 2007 to May 15, 2008, DragonWave issued the following Common shares under the Scheme;

- 1,091 Common shares of no par value each ("Common shares"), issued in due course under the rules of the Company's Fourth Amended and Restated Key Employee Stock Option/Stock Issuance Plan (the "Plan") be exercised; and

- 36,446 Common shares issued in due course for warrants exchanged into common shares of the Company (the "Warrants").

Accordingly, DragonWave did not issue and has the following balance of not yet issued securities under the Scheme:

- 98,909 Common shares in relation to the Plan (100,000 were originally admitted under the Scheme); and

- 163,554 Common shares in relation to the Warrants (200,000 were originally admitted under the Scheme).

As of today, the Company has an issued share capital of 28,476,801 ordinary voting shares of no par value each.

Contact Information

  • DragonWave Inc.
    Russell Frederick
    Chief Financial Officer
    613-599-9991 ext. 2253
    DragonWave Inc.
    Bruce Chick
    Director, Investor Relations
    613-599-9991 ext. 2262
    Canaccord Adams Limited
    Neil Johnson/Andrew Chubb