Infowave won't proceed with C$2 million private placement

By Sheri Kasprzak

New York, June 13 - Infowave Software, Inc., citing market conditions, said it will not conduct its previously announced C$2 million private placement.

"The company will monitor market conditions with the intention of entering into an appropriate financing when the environment is more favorable," said a statement released by Infowave Tuesday morning.

The exact pricing terms of the placement were never set, but the company had intended to sell units of one share and one half-share warrant.

Infowave, based in Vancouver, B.C., develops mobile application software used to integrate business operations.

On Monday, the stock closed unchanged at C$0.045 (Toronto: IW).

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