FiberCore Signs $30 Million Agreement

CHARLTON, Mass., June 15 -- FiberCore Inc. has finalized a private placement agreement with an institutional investor that entails a $30 million financing commitment. FiberCore received proceeds of $9.5 million with the rest available under undisclosed conditions.
Proceeds from the agreement will go towards FiberCore's June 30 acquisition of Xtal Fibras Opticas SA, a Brazilian manufacturer of optical fiber and preform. Some of the money will also be used for expansion and other corporate aims, FiberCore said. Financing was arranged by Fibercore's investment banker Gruntal & Co. of New York.