(via Thenewswire.ca)
Edgewater Wireless Closes Fully Subscribed Non-Brokered Private Placement
OTTAWA, CANADA / TheNewswire / July 15, 2015 - Edgewater Wireless Systems Inc., (YFI;TSX.V) (the "Company") the manufacturer of multi-channel WiFi3(TM) technology for high-density Wi-Fi applications, is pleased to announce the closing of its previously announced fully subscribed non-brokered private placement raising gross proceeds of $1,696,989. The majority of the non-brokered private placement was taken by long-term, existing shareholders.
Pursuant to the closing, the Company has issued an aggregate 4,705,784 units ("Units") at a price of $0.35 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 36 months from closing, at an exercise price of $0.375 per share. Cash finders' fees totaling $2,450 were paid and 446,140 finder's units were issued to arm's length finders in connection with the private placement. Each finder's unit consisted of one common share and one warrant with the same term and exercise price as the warrants issued in the private placement. All finder's fees are subject to TSX Venture Exchange acceptance. The common shares and warrants issued to subscribers and finders will be subject to a statutory four month hold period ending on November 15, 2015.
The proceeds of the private placement will be used in the Company's expansion and to support current client's needs including hiring additional engineering resources for our Fortune 500 client, Zinwave and Rare Tech projects.
"We're progressing well with all three projects and the team is making excellent strides in the development of new business and Intellectual Property." said Andrew Skafel, President and CEO of Edgewater Wireless Systems Inc. "Finally, we would like to thank all our shareholders for their continued support."
Edgewater's WiFi3(TM) powered technology is the best Wi-Fi solution for carriers, service providers and systems integrators to address the growing problems of interference, capacity and critical mass of users which is stretching networks to their breaking point. Edgewater's patented technology solves the high-density problem while also significantly reducing the equipment investment and operating costs for new network deployments. For more information, visit: www.edgewaterwireless.com
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-density, high quality of service (QoS) and high-reliability needs of service providers and their customers. Leveraging over twenty (20) patents, Edgewater's WiFi3(TM) is redefining Wi-Fi technology with its wide-band, multi-channel radio and high-capacity Access Point solutions, and delivering next generation Wi-Fi, today.
The best solution for High-Density Wi-Fi networks, Edgewater Wireless WiFi3(TM) powered access point products enable innovative service providers to plan, build and deploy reliable, high-capacity services (like VoWiFI) for high-density wireless data demand in any environment.
Do more with less! Fewer access points delivering high quality service at a lower overall deployment cost make our patented WiFi3tm technology the right choice for your next Wi-Fi network.
Explore the evolution of Wi-Fi at 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.
Copyright (c) 2015 TheNewswire - All rights reserved.