Non-brokered offering funds sales and marketing, product development
By Devika Patel
Knoxville, Tenn., Aug. 11 – Edgewater Wireless Systems Inc. said it arranged a C$2 million non-brokered private placement of units.
The company will sell 4,444,444 units of one common share and one warrant at C$0.45 per unit.
Each warrant is exercisable at C$0.60 for two years. The strike price reflects a 17.65% premium to the Aug. 10 closing share price of C$0.51.
Proceeds will be used for sales and marketing expenses, engineering and product development, working capital and operating expenses.
The Kanata, Ont., company develops technologies for the wireless communications market.
Issuer: | Edgewater Wireless Systems Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Units: | 4,444,444
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Price: | C$0.45
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.60
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Agent: | Non-brokered
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Pricing date: | Aug. 11
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Stock symbol: | TSX Venture: YFI
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Stock price: | C$0.51 at close Aug. 10
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Market capitalization: | C$59.76 million
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