Edgewater Wireless closes USD 2m private placement tranche

Edgewater Wireless Systems Inc. (TSX-V: YFI) (OTCQB: KPIFF) , the developer of WiFi3â„¢ multi-channel WiFi chipsets and access point products for high-density wireless networks has announced the closing of the first tranche of the company´s previously announced USD 2 million private placement, the company said.

Pursuant to this closing, the company has issued an aggregate of 10,726,106 units (“Units”) at a price of USD 0.16 per Unit to raise aggregate gross proceeds of USD 1,716,177.

Each Unit consists of one common share of the company and one non-transferable warrant which will entitle the holder to purchase one additional common share of the company, for a period of 60 months from closing, at an exercise price of USD 0.24 per share. The warrant will be eligible for accelerated conversion at the option of the company when the company´s shares have traded above USD 0.45 per share for ten (10) consecutive trading days.

This call provision will become effective 12 months after closing the private placement.

Edgewater Wireless develops and commercializes edge technologies and intellectual property for the communications market. Edgewater Wireless delivers advanced product solutions designed to meet the high-density, high quality of service (QoS) and high-reliability needs of service providers and their customers. Explore the evolution of Wi-Fi at www.EdgewaterWireless.com and www.aera.io