Business
Edgewater Wireless Announces Non-Brokered Private Placement and Cancels Brokered Financing
(via TheNewswire) June 19, 2017 / TheNewswire / Ottawa, Ontario - Edgewater Wireless S...
About this update from Edgewater Wireless Systems Inc.
[{"type":"text","content":"Edgewater Wireless Announces Non-Brokered Private Placement and Cancels Brokered Financing(via TheNewswire)\n \n \nJune 19, 2017 / TheNewswire / Ottawa, Ontario - Edgewater Wireless Systems Inc. (TSX-V: YFI) (the \"Company\") announces that it is opening a non-brokered Private Placement and is cancelling a previously announced brokered financing with Canaccord Genuity Corp. Canaccord and Edgewater Wireless have mutually agreed to terminate an engagement letter whereby the Company agreed to engage Canaccord to act as agent in respect of a brokered private placement. The Company will instead proceed with the private placement on a non-brokered basis. The private placement will consist of up to 4,800,000 units of the Company (each a \"Unit\") at a price of $0.25 per Unit for gross proceeds of up to $1,200,000 (the \"Offering\"). \n\n \n \nEach Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire 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. The Offering is not subject to any minimum aggregate subscription. \n\n\n \nThe Company will make the Offering available to subscribers in all provinces of Canada and in the United States by way of private placement to selected accredited investors and/or to qualified institutional investors and outside of Canada and the United States on a private placement or equivalent basis. \n\n\n \n\"We have the majority of the Private Placement spoken-for and expect to close within a week\", said Andrew Skafel, President and CEO of Edgewater Wireless \n\n\n \nThe closing of the Offering is subject to receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issuable in connection with the Offering are subject to a four-month hold period from the date of issuance, in accordance with applicable securities laws.\n\n\n \nThe Offering will be available to existing shareholders of the Company, who, as of the close of business on June 15, 2017, held securities of the Company (and who continue to hold such securities as of the closing date), pursuant to the prospectus exemption set out in Section 2.9 of OSC Rule 45-501 - Distributions to Existing Security Holders and in sim...