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Wi2Wi Announces Private Placement Offering
Wi2Wi Announces Private Placement Offering NOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SE...
About this update from Wi2wi Corp.
[{"type":"text","content":"Wi2Wi Announces Private Placement OfferingWi2Wi Announces Private Placement Offering\nNOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\nToronto, Ontario Canada November 07, 2013 /FSC/ - Wi2Wi Inc. (YTY - TSX Venture),(\"Wi2Wi\" or the \"Company\") today announced that it has entered into an agreement with Paradigm Capital Inc. to act as lead agent and sole book-runner on behalf of a syndicate including Byron Capital Markets Ltd. and M Partners Inc. (collectively, the \"Agents\"), to complete a brokered private placement of units (\"Units\") for up to C$4,000,000 (the \"Offering\").  The Offering will be made on a best efforts fully marketed private placement basis.  Each Unit shall be comprised of one common share priced in the context of the market and one-half of one common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder thereof to acquire one common share of the Company at a price to be determined in the context of the market for a period of 24 months following the closing of the Offering.\nIn addition, the Company has granted the Agents (as defined below) an option (the \"Agents' Option\") exercisable in whole or in part to increase the size of the Offering by up to 15% of the base offering size, which Agents' Option shall be exercisable, by notice in writing to Wi2Wi, until the 30th day following the Closing (as defined below). If the Agents' Option is exercised in full, the total gross proceeds of the Private Placement to Wi2Wi will be $4,600,000.\nThe closing of the Offering (\"Closing\") is expected to occur on or about December 4, 2013 or such other date or dates as agreed by the Company and the Agents (the \"Closing Date\"). All securities issued in the Offering will be subject to a statutory four month hold period. Completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange.\nThe net proceeds of the private placement will be used for general corporate and working capital purposes.\nWi2Wi Chairman, Dr. Hans Black, commented: \"Following the RTO transaction completed in January 2013, the Company has been able to expand its customer base with a consistent increas...