WINNIPEG and VANCOUVER – Craig Wireless was granted broadband radio service licenses by Industry Canada for the Victoria and Kelowna regions of British Columbia.
The company said Tuesday that issuance of the BRS licenses represents the satisfaction “of another significant condition to the completion” of the sale of its Canadian spectrum assets to Inukshuk Wireless Partnership.
Upon the filing of an application to Industry Canada to transfer licenses to Inukshuk, the portion of sale proceeds payable by Inukshuk to Craig is $12.8 million of the aggregate sale proceeds of $80 million, $42.4 million of which it has already received.
The amount remaining following the closing in respect of the Victoria and Kelowna BRS licenses and the recently completed closing of the company’s Vancouver BRS license is $24.8 million, which shall be paid upon completion of certain conditions, including all requisite regulatory approvals.
