Here's the link
Not many details on the deal in this article, I expect there will be more to come. The title indicates that they extended his contract, which I take mean they either bought out his option year, or just made the term of his deal longer by one year.
As far as the signing goes, Ray should be in the prime of his career (turned 28 on XMas day) and I think he is a slightly above average player who is Canadian. He had 65 tackles last year, and has always been solid on special teams. It would be nice to see him develop into a Kevin Eiben type player.
Unless something else happens this currently has our LBs looking like Knowlton, Floyd, and Mariuz. If Floyd doesn't work out in the middle they could try Knowlton, Siskowic, and Floyd, and have one fewer Canadian.