August 24, 2016 – Ottawa, Ontario, Canada – Edgewater Wireless Systems Inc. (TSX-V: YFI) (the “Company”) is pleased to announce that it has completed its previously announced non-brokered private placement of an aggregate of 6,250,625 units (the “Units”) at a price of $0.40 per Unit, for gross proceeds of $2,500,250 (the “Offering”). Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to acquire an additional common share at a price of $0.50 per share for a period of 24 months from the closing date.
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.
Each finder’s unit consists of one common share of the Company and one non-transferable common share purchase warrant (the “Finder’s Warrants”). Each Finder’s Warrant entitles the holder to acquire an additional common share at a price of $0.50 per share for a period of 24 months from the closing date.
All securities issued in connection with this Offering are subject to a 4-month hold period expiring on December 25, 2016 as prescribed by the TSX Venture Exchange and applicable securities laws.
The proceeds from the Offering 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.
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.