(via Thenewswire.ca)
Ottawa, Ontario / TheNewswire / August 16, 2016 – Edgewater Wireless
Systems Inc. (TSX-V: YFI) is pleased to announce that the private placement announced August 11, 2016 has
been fully subscribed. The funds from the private placement will be used to support the
company’s F500 customer project as well as drive development of Edgewater Wireless sales channels in Europe, North America,
India and Asia.
Through these funds, the company will also begin targeting of new verticals – primarily
through our entrenched relationship through CableLabs and UpRamp to pursue opportunities in the $500 Billion global cable industry.
Initial engagement with cable companies has identified a set of common issues which can be solved with Edgewater Wireless WiFi3
technology – specifically the interference and capacity issues in public venues, multi-dwelling units (MDUs) and enterprise
customer deployments.
As part of the private placement offering, the company has adjusted pricing of the units (the
“Units”) of The private placement will now consist of up to 6,000,000
Units at a price of $0.40 per Unit for gross proceeds of up to $2,400,000. Each Unit consists of one common share of the Company
and one common share purchase warrant (each a “Warrant”). Each Warrant
will entitle the holder to acquire an additional common share at a price of $0.50 per share for a period of 24
months.
All other terms of the private placement remain the same. The
private placement is subject to TSX Venture Exchange approval.
The company is now reviewing the Unit Subscription Agreements for compliance with the relevant
exemption provisions being claimed which could result in some adjustment of the total number of units accepted under the
placement.
The company would like to thank everyone who has participated and those who considered
participating.
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For further information, please contact:
Matt Massey
VP, Marketing
T: +1 613-797-9628
E: mattm@edgewaterwireless.com
W: www.edgewaterwireless.com
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.
The securities offered have not been and will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption
from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy
nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such province, state or
jurisdiction.
This document contains certain forward-looking information and forward-looking
statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the word
“will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such
forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains
forward-looking statements and assumptions pertaining to the following: the Offering; the completion of the Offering; and the use
of proceeds from the Offering. Actual results achieved may vary from the information provided herein as a result of numerous known
and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
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