Edgewater Closes First Tranche of $0.115 Financing and Announces Increase to $0.13 Financing streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
An Ottawa firm that says its technology can significantly boost the performance of Wi-Fi networks is looking to sell $800,000 worth of new shares as it tries to reignite its R&D efforts in the face of plummeting revenues and millions of dollars in losses.
Edgewater Wireless, which trades on the TSX Venture Exchange, says it plans to issue nearly seven million units comprised of a common share and a future purchase warrant. The non-brokered private placement is being led by management and directors of the company.
The units will be priced at 11 and a half cents each – nearly 40 per cent less than Edgewater’s current trading price. Buyers will have the option of acquiring one additional share for each unit purchased at a price of 23 cents apiece within two years of the closing date.
Posted on 20093
Edgewater Wireless Systems Inc. (YFI; TSX.V) (OTCQB: KPIFF), the industry leader in Wi-Fi Spectrum Slicing technology for residential and commercial markets, is pleased to announce that the Management and Directors of the Company will participate as lead investors in a non-brokered private placement of up to 6,956,522 units (each a “Unit”). Each Unit is comprised of one common share and one warrant of the Company (each a “Warrant”) for total proceeds of up to $800,000 (the “Offering”).
“Our recent Proof of Concept with a major Tier 1 Service Provider demonstrates the magnitude of the opportunity for Spectrum Slicing and Edgewater,” said Andrew Skafel, President and CEO of Edgewater Wireless. “Management and Directors are committed to our current strategic direction.”
Edgewater: Major Service Provider completes Proof of Concept demonstrating outstanding results totaltele.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from totaltele.com Daily Mail and Mail on Sunday newspapers.