Edgewater Wireless (
TSX: V.YFI,
Forum) was easily able to add to the coffers when the company announced today that it had closed its previously announced fully subscribed non-brokered private placement for gross proceeds of $1.7 million.
According to the
news release, the majority of the non-brokered private placement was grabbed up by long-term, existing shareholders.
Pursuant to the closing, the company has issued an aggregate of 4.7 million units at a rate of $0.35 per unit. Each unit is comprised of one common share of the company
and a warrant which can be exercised for one common share at $0.375 per share for up to 36 months after the date of closure. All shares and warrants are subject to a customary four month period ending November 15, 2015.
Proceeds from the PP will be used for expansion purposes and to support current client needs including the additional engineering resources required for the Zinwave and Rare Tech projects.
Company President and CEO, Andrew Skafel, commented, “We're progressing well with all three projects and the team is making excellent strides in the development of new business and Intellectual Property. Finally, we would like to thank all our shareholders for their continued support.”
Edgewater Wireless was in the news recently when
the Ottawa, Ontario-based tech firm originally announced the fully subscribed non-brokered private placement a week ago.
Shares climbed 5.17% on the news to $0.305 per share.
Currently there are 121.9m outstanding shares with a market cap of