Non-brokered offering finances F500 customer project and development
By Devika Patel
Knoxville, Tenn., Aug. 25 – Edgewater Wireless Systems Inc. said on Wednesday that it completed a C$2.5 million non-brokered private placement of units.
The company sold 6,250,625 units of one common share and one warrant at C$0.40 per unit.
Each warrant is exercisable at C$0.50 for two years. The strike price reflects a 7.41% discount to the Aug. 23 closing share price of C$0.54.
Proceeds 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 and Asia.
In connection with the offering, Haywood Securities Inc. will receive a finder’s fee of $74,900 in cash and 187,250 finder’s units, PI Financial Corp. will receive a finder’s fee of $8,960 in cash and 22,400 finder’s units, Echelon Wealth Partners Inc. will receive finder’s fee of $9,296 and 23,240 finder’s units and Clairewood Partners Ltd. will receive a finder’s fee of $63,455 and 158,637 finder’s units. The company will also pay Derek Sinclair a finder’s fee of $15,540 and 38,850 finder’s units.
The Kanata, Ont., company develops technologies for the wireless communications market.
| Issuer: | Edgewater Wireless Systems Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,500,250
|
| Units: | 6,250,625
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Settlement date: | Aug. 24
|
| Stock symbol: | TSX Venture: YFI
|
| Stock price: | C$0.54 at close Aug. 23
|
| Market capitalization: | C$59.55 million
|
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