XM Canada raises $20 million, tops 300,000 subs

TORONTO - Canadian Satellite Radio, owners of XM Radio Canada has raised $20 million in a private placement of convertible unsecured subordinated debentures due September 12, 2014. "We are very pleased to announce this financing, especially during these challenging credit market conditions," said John Bitove, chairman and CEO of CSR, in a press release. "Our growth exceeded expectations this quarter and as we continue to focus on new development initiatives, we will use the proceeds to search for innovative opportunities to aggressively grow the business and further increase our subscriber base." XM Canada also announced this week it has achieved...