Edgewater Wireless Systems closes $1.37M private placement




pcNewsWire – Edgewater Wireless Systems Inc. (TSX-V: YFI) has completed its previously announced non-brokered private placement of 5,463,858 units at $0.25 per unit for gross proceeds of $1,365,964

Proceeds will be used for sales and marketing expenses, engineering and product development, working capital and operating expenses.

News Release

Edgewater Wireless Closes Private Placement Financing of $1.36 Million

Ottawa, Ontario / TheNewswire / June 30, 2017 – 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 5,463,858 units (the “Units”) at a price of $0.25 per Unit, for gross proceeds of $1,365,964 (the “Offering”). 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 Warrant entitles the holder to acquire an additional common share at a price of $0.375 per share for a period of 2 years from the closing date.

In connection with the Offering, Canaccord Genuity Corp. received a finder’s fee of $2,800 in cash and 11,200 finder’s units, Haywood Securities Inc. received a finder’s fee of $21,000 in cash and 84,000 finder’s units, Echelon Wealth Partners Inc. received finder’s fee of $8,750 in cash and 35,000 finder’s units, Clairewood Partners Ltd. received a finder’s fee of $39,200 in cash and 156,800 finder’s units, and Skanderbeg Capital Advisors received a finder’s fee of $14,000 in cash and 56,000 finder’s units.

Each finder’s unit consists of one common share of the Company and one-half of 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 $0.375 per share for a period of 24 months from the closing date.

A director of the Company participated in the Private Placement and subscribed for an aggregate total of 403,858 Units. The participation of the insider is considered to be a “related party transaction” pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Company determined that exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 were available for the related party transaction pursuant to Section 5.5(a) and Section 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the transaction involving the insider was not more than 25% of the Company’s market capitalization.

All securities issued in connection with this Offering are subject to a 4-month hold period expiring on October 31, 2017 as prescribed by the TSX Venture Exchange and applicable securities laws.

The proceeds from the Offering will be used for sales and marketing expenses, engineering and product development, working capital and operating expenses.

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For further information, please contact:
Andrew Skafel, President & CEO
Edgewater Wireless Systems Inc.
T: (613) 271-3710

or

Matt Massey
VP, Marketing
T: +1 613-797-9628
E: mattm@edgewaterwireless.com

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.