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Canada.com/CP: Troubled Corel receives $30 million in bailout financing

Jun 29, 2000, 01:50 (0 Talkback[s])

"Corel Corp. (COR) has received $30 million in a deal aimed at infusing some much-needed cash to the ailing software maker."

"The troubled Ottawa company, which announced last week it lost $23.6 million US in its second quarter due to plunging sales, said Wednesday that it has completed the sale of 7.3 million common shares to Canaccord Capital Corp. of Vancouver at a price of $4.11 a share."

"The company's fiscal health also depends on whether its ambitious financing plans pan out. ... If the second share offer doesn't come through, the company could find itself in another cash crunch later this year. Analysts expect the company to lose about the same amount of money in the third quarter as it did in its second."

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