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OTTAWA, Ontario–(BUSINESS WIRE)–Edgewater Wireless Systems Inc. (TSX-V: YFI) (OTC: KPIFF) ( Company or Edgewater Wireless) is pleased to announce the closing of its previously announced non-brokered private placement (the Private accommodation). Pursuant to the private placement, the Company issued a total of 38,300,000 units ( units) at a price of $0.05 per unit for gross proceeds of $1,915,000. Please see the Company’s news releases dated December 6, 2024, December 13, 2024 and December 16, 2024.
Each unit consists of one ordinary share in the Company’s capital (a Sharing together) and one ordinary order for the purchase of shares (a Order). Each Warrant is exercisable two years from the date of issuance and entitles the holder to purchase one additional common share at an exercise price of $0.08.
The Company intends to use the net proceeds from the private placement for product commercialization and general working capital. Depending on the development of its business, the Company may, as necessary, redistribute the proceeds from the private placement.
In connection with the closing of the private placement, the Company paid finder’s fees in the aggregate amount of $17,150, issued 1,533,000 shares of common stock and issued a total of 2,314,000 finder warrants to certain finders. Each bearer warrant is exercisable two years from the date of issuance and entitles the holder to purchase one additional common share at an exercise price of $0.08.
All securities issued in connection with the private placement are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.
The securities issued pursuant to the private placement have not been registered under the US Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States without registration or exemption from of registration requests.
Pursuant to Multilateral Instrument 61-101 Protection of holders of minority securities in special transactions (MI 61-101) The Company informs that certain directors and officers of the Company participated in the Private Placement for total proceeds of USD 150,000 and are considered related parties of the Company. Any subscription by a related party of the Company is considered a related party transaction for the purposes of MI 61-101 and TSXV Policy 5.9 Protection of holders of minority securities in special transactions. The Company relies on the exceptions to the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and the minority shareholder approval requirements contained in Section 5.7(1)(a) of MI 61-101 as the fair market value of the related party’s interests not exceeding 25% of the Company’s market capitalization.
About Edgewater Wireless
We make Wi-Fi. Better.
Edgewater Wireless (www.edgewaterwireless.com) is a leader in innovative Spectrum Slicing technology for the residential and commercial markets. We develop advanced Wi-Fi silicon solutions, access points and IP licensing designed to meet the high-density, high-quality of service needs of service providers and their customers. With 26 granted patents, Edgewater’s In-band Multi-Channel Wi-Fi technology is revolutionizing Wi-Fi, delivering next-generation Wi-Fi today.
Edgewater’s physical layer Spectrum cutting allows a frequency band to be shared or cut to allow multiple radios to operate in a given area. Think about Spectrum cutting like going from a single-lane road to a multi-lane highway” regardless of Wi-Fi technology. A recently completed proof of concept (PoC) with a major Tier 1 provider showed 7 to 18 times better performance in 75% of homes tested. Interestingly, homes with the most devices saw the greatest improvements.
For more information, visit www.edgewaterwireless.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS THAT TERM IS DEFINED IN TSX VENTURE EXCHANGE’S POLICIES) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking statements
This press 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,” “may,” “will,” “should,” “believe” and similar expressions are intended to identify forward-looking information or statements. Although the Company believes that the expectations and assumptions underlying such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements and information because the Company cannot guarantee that they will prove to be correct. By their nature, such forward-looking information is subject to various risks and uncertainties, which may cause the Company’s actual results and experience to differ materially from anticipated results or expressed expectations. These risks and uncertainties include, but are not limited to, the use of private placement proceeds, 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, whether as of the date expressed in this news release or otherwise, and not to use the forward-looking information or financial outlook for any other than for the intended purpose. The Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
See the original version on businesswire.com: https://www.businesswire.com/news/home/20241231760528/en/
Edgewater Wireless Contacts:
Andrew Skafel, President and CEO
Email: andrews@edgewaterwireless.com
Bill Mitoulas, Investor Relations
Email: ir@edgewaterwireless.com
T: +1.416.479.9547
www.edgewaterwireless.com
Source: Edgewater Wireless Systems Inc.
