Under the terms of the agreement, Ramtron paid approximately $2 million in cash and $5.6 million in Ramtron common stock to acquire all of Goal's outstanding securities. For the stock portion, Ramtron issued approximately 1.95 million new common shares. As a result of the transaction, which closed on August 29, Ramtron now has approximately 24.4 million common shares outstanding.
The acquisition of Goal is expected to add approximately $1.2 million per year to Ramtron's operating expenses, including costs associated with maintaining offices in Canada and increased payroll (Ramtron now has a total of 107 full-time employees, up from 88).
Ramtron also announced today that it is in the process of securing a $3-million 36-month term loan facility from Silicon Valley Bank, which the company expects will be approved in September. Ramtron plans to make additional details and information about the acquisition available on its Web site; for more information, visit: www.ramtron.com/ramtronandgoal