Montreal: Coscient Group (mse/ tse) has approved a rights offering to shareholders which the company says will raise over $22.5 million in net proceeds.

Each shareholder of record as of Oct. 30 will receive one right for each class a multiple-voting share. Four rights will entitle the holder to purchase one additional class a share at a price of $4.95 per share until Dec. 1.

Coscient says it has entered into an agreement with Telesystem Financial Corporation and Capital Communications cdpq, its two principal shareholders, by which they have agreed to exercise all rights issued to them, as well as act as standby purchasers.

Coscient will issue 4,574,473 class a shares. Currently 18,297,893 class a shares have been issued and outstanding.

Coscient stock was trading recently at $5.75 on the tse and has a 52-week high/low of $6.75 and $3.