Edgewater Wireless Closes Non-Brokered Private Placement
17 Abril 2014 - 4:01PM
Access Wire
Edgewater Wireless Closes
Non-Brokered Private Placement
OTTAWA, CANADA / ACCESSWIRE / April 17, 2014 / Edgewater
Wireless Systems Inc., (YFI:TSX.V) (the "Company") the global
leader in WiFi3 next generation WiFi technology, is pleased to
announce the closing of the first tranche of its previously
announced non-brokered private placement raising gross proceeds of
$408,436.50. Directors and Management, including a Control Person
of the Company, participated in this private placement on the same
terms and conditions as the other placees.
Net proceeds from the private placement will be used for general
working capital. The private placement is subject to TSX Venture
Exchange acceptance.
Pursuant to the closing, the Company has issued an aggregate
8,168,730 units ("Units") at a price of $0.05 per Unit. Each Unit
consists of one common share of the Company and a warrant which
will entitle the holder to purchase one additional common share of
the Company, for a period of 12 months from closing, at an exercise
price of $0.11 per share. The common shares and warrants issued to
subscribers of the private placement will be subject to a statutory
hold period ending on August 15, 2014. Finders' fees totaling
$11,550 were paid and 231,000 finder's warrants were issued to
arm's length finders in connection with the private placement.
Subject to TSX Venture Exchange acceptance, the Company currently
anticipates carrying out a second tranche closing in connection
with the purchase of an additional 1,000,000 Units under the
private placement for gross proceeds of $50,000.
Edgewater Wireless next generation WiFi3 technology solves key
issues related to interference, quality and capacity that users
experience with traditional WiFi access points. With the
exponential growth of WiFi around the world, these issues are
increasing dramatically. WiFi3 technology enables users to access
three channels on a single wireless access point radio resulting in
faster downloads and vastly improved quality compared to
traditional WiFi which only allows one channel per radio.
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|Contact:Andrew Skafel | | |
|President, Edgewater Wireless | |Investor Relations: Jason Shepard |
| | |Phoenix Communications Group |
|+1 613 271 3710 x 501 AndrewS@edgewaterwireless.com| |+ 1 250 717 1910 |
| | |pcg@shaw.ca |
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About Edgewater Wireless Systems Inc.:
Edgewater Wireless develops and commercializes leading edge
technologies and intellectual property for the communications
market. Edgewater Wireless delivers advanced product solutions
designed to meet the high-performance, high quality of service
(QoS) and high-reliability needs of service providers and their
customers. Leveraging over twenty (20) patents, Edgewater Wireless'
WiFi3 is redefining WiFi technology with its wideband,
multi-channel radio and high-capacity Access Point solutions, and
delivering next generation WiFi, today. For more information,
please visit www.edgewaterwireless.com.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. Although Edgewater Wireless believes
that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward looking statements and
information because Edgewater Wireless can give no assurance that
they will prove to be correct. By its nature, such forward-looking
information is subject to various risks and uncertainties, which
could cause Edgewater Wireless' actual results and experience to
differ materially from the anticipated results or expectations
expressed. These risks and uncertainties, include, but are not
limited to access to capital markets, market forces, competition
from new and existing companies and regulatory conditions. Readers
are cautioned not to place undue reliance on this forward-looking
information, which is given as of the date it is expressed in this
news release or otherwise, and to not use future-oriented
information or financial outlooks for anything other than their
intended purpose. Edgewater Wireless undertakes no obligation to
update publicly or revise any forward looking information, whether
as a result of new information, future events or otherwise, except
as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE: Edgewater Wireless Systems
Inc.
Edgewater Wireless Systems (TSXV:YFI)
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