BOCA RATON, Fla., Aug. 22, 2022 /CNW/ - EasTower Wireless Inc. ("EasTower" or the "Company") (TSXV: ESTW), a US-based provider of next generation wireless communications infrastructure specializing in the construction, installation, and maintenance of 5G and 4G wireless telecommunication networks, is pleased to announce the closing of its non-brokered private placement (the "Offering"), previously announced on August 8, 2022. The Company has raised $516,043.60 through the issuance of 10,320,872 units (a "Unit" or "Units") of the Company at $0.05 per Unit. Each Unit consists of (i) one common share (a "Common Share" or "Common Shares") in the capital of the Company, and (ii) one transferable share purchase warrant (a "Warrant" or "Warrants"), with each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.10 per share until twenty-four (24) months following closing, subject to an acceleration provision.
The Offering included the effective conversion of US$28,449($36,565) of debt the Company held with an arm's length lender in exchange for 731,300 Units at $0.05 per Unit.
The net proceeds of the Offering will be used by the Company for working capital.
In connection with the issue and sale of the Units pursuant to the Offering, the Company paid registered dealers (i) cash commissions equal to $25,140, and (ii) non-transferable compensation options to purchase 502,800 Common Shares at an exercise price of $0.05 per share until twenty-four (24) months following closing.
All securities issued pursuant to the Offering will be subject to a Canadian four-month hold period.
About EasTower Wireless Inc.
The Company, through its wholly owned subsidiary, EasTower Communications Inc., is a U.S. provider of wireless infrastructure network build-out and related service within America. The Company specializes in the construction, installation, upgrading, and maintenance of next generation wireless infrastructure networks, including rapidly growing 5G, current 4G and small cell deployments as well as the least know and largest infrastructure plays in US history, the first responder or FirstNet initiative. The Company's diverse, top-tier customer base includes major telecom providers, global original equipment manufacturers (OEMs), corporations and federal government agencies. The Company is currently operating in the State of Florida.