San Jose, CA--March 24, 1997--Silicon Valley Research (SVR; San Jose, CA) announced it is negotiating a private placement of up to $4 million in units comprised of shares of its Common Stock and warrants to purchase Common Stock.
The prospective investors include major existing shareholders, two of which are members of the company's board of directors. The units, which are not registered, are proposed to be sold at a discount to the current market price for the company's Common Stock. If the offering is fully subscribed on the present terms, the company would issue 4 million shares of Common Stock, as well as warrants for an equal number of shares of the company's Common Stock.
The shares of Common Stock issued on the Closing would represent approximately 33 percent of the company's Common Stock outstanding. The company has no binding commitments for the financing.
SVR intends to use the proceeds for working capital to finance the company's ongoing product development and sales efforts. In particular, the company is intending to release major upgrades to nearly all of its products in the next three months, including GARDS-V9.0 with a new Power Router, SonIC-V3.0 with a fast new placer, as well as new power routing capabilities, and SC-V5.0 with a re-written Global Router and fast new placement.
Silicon Valley Research
San Jose, CA
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