Jun 29, 2016 Ottawa, Ontario – Edgewater Wireless Systems Inc. (TSX-V: YFI) (the “Company”) is pleased to announce that, due to demand, the Company is increasing its previously announced non-brokered private placement.
The Offering has been fully subscribed of an aggregate of 4,800,000 units (the “Units”) at a price of $0.25 per Unit, for gross proceeds of $1,200,000 and the company anticipates an additional 663,858 Units (5,463,858 Units in total) will be issued, for additional gross proceeds of $165,965. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant (each a “Warrant”). Each half Warrant will entitle the holder to acquire one half of one additional common share of the Company at a price of $0.375 per share for a period of 2 years following the closing date of the Offering.
“We are pleased to have the support of existing shareholders as well as two new sophisticated investors taking large positions as well as Company Director, Mr. Brian Imrie joining the round. The entire team here at Edgewater Wireless is excited by the future as we expand our relationship with our Fortune 500 partner and are exploring additional opportunities to market and sell this innovative WiFi + IOT product we are jointly developing, to the broader retail sector.” said Andrew Skafel, President and CEO of Edgewater Wireless. “Grand View Research has pegged the Global Connected Retail market to be worth over $53 Billion by 2022 and we believe the product we are developing in conjunction with our partners has the potential to be a market leader.”
Edgewater Wireless is also pleased to announce that in a show of support for Edgewater Wireless, two of the company’s largest shareholders, Mr. Duane Anderson and, our former parent company, Edgewater Computer Systems Inc., have both agreed to lock-up their shares until at least November 2017.
All securities issued in connection with this Offering are subject to a 4-month hold period as prescribed by the TSX Venture Exchange and applicable securities laws. A news release disclosing the hold period expiry date and details of finders’ fees will be disseminated after closing.