Norsat International Inc. has issued 1 million common shares of stock and nearly 533,000 non-transferable common share purchase warrants in connection with its Employee Share Ownership Plan that was unveiled in December, the company announced.

Norsat generated gross proceeds of nearly $480,000 through the transaction. Subscribers received one-half of one non-transferable share purchase warrant for each common share purchased. The issued and outstanding share capital of the company now stands at 50.6 million common shares.