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 second tranche of the company´s private placement, previously announced on July 25, 2018, the company said.
The first tranche closing was announced on August 21, 2018.
Pursuant to the first tranche closing, the company issued 10,726,106 units and pursuant to the second tranche closing, the company issued 812,500 units for an aggregate of 11,538,606 units (the “Units”) at a price of USD 0.16 per Unit to raise aggregate gross proceeds of USD 1,846,177.
Each Unit consists of one common share of the company and one non-transferable warrant which entitles 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 provision will only become effective beginning 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. Leveraging over twenty-four (24) patents, Edgewater´s WiFi3â¢ is redefining WiFi technology with its wide-band, multi-channel radio and high-capacity Access Point solutions, and delivering next generation WiFi, today. Explore the evolution of Wi-Fi at www.EdgewaterWireless.com and www.aera.io