SOURCE: DataWind, Inc.

April 04, 2016 09:00 ET

DataWind Announces Closing of $2.99 Million Bought Deal Financing

MISSISSAUGA, ON--(Marketwired - Apr 4, 2016) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

DataWind Inc. ("DataWind" or the "Company") (TSX: DW), a leader in the delivery of internet access in emerging markets is pleased to announce that it has closed its previously announced short form prospectus offering, on a bought deal basis, including the exercise in full of the over-allotment option (the "Offering"). A total of 1,495,000 units (the "Units") were issued at a price of $2.00 per Unit for total gross proceeds of approximately $2,990,000. The Offering was underwritten by Haywood Securities Inc. (the "Underwriter").

Each Unit consists of one common share of the Company (each, a "Common Share") and one-half Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $2.80 for a period of twelve months following today's date (the "Closing Date"). The Common Shares sold under the Offering (including the Common Shares underlying the Warrants) have been conditionally approved for listing and posted for trading on the Toronto Stock Exchange (the "TSX") under the symbol DW at the opening on April 4, 2016.

DataWind intends to use the net proceeds from the Offering primarily to build inventory necessary for the assembly of DataWind's products and to finance accounts receivable.

The Units were offered for sale in each of the Provinces of Canada, other than the Province of Quebec, by way of a short form prospectus. The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful.

No securities regulatory authority has either approved or disapproved of the contents of this news release.

About DataWind
DataWind is a leader in providing affordable mobile Internet connectivity in emerging markets. The company's patented, cloud-based technology reduces up to 97% the amount of data needed for web browsing, providing a broadband experience on any network - even on legacy 2G networks that are still prevalent in developing countries. DataWind also provides economical smartphones and tablets that come bundled with one year of unlimited internet access, making it the largest tablet provider in India only behind Samsung. DataWind's unique solution offers broad social and economic benefits for the billions of people around the world for whom an Internet connection was previously out of reach. DataWind is traded on the Toronto Stock Exchange (TSX: DW). For more information visit www.datawind.com.

Forward-Looking Information
This press release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company and the environment in which the Company operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical facts, but reflect management's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations, except as prescribed by applicable securities laws.

No securities regulatory authority has either approved or disapproved the contents of this press release/media advisory.

Contact Information

  • Company Contact:
    Dan Hilton
    Chief Financial Officer
    DataWind Inc.
    +1(613) 277-3266
    Email Contact

    Investor Relations:
    Michael Koehler
    Liolios Group, Inc.
    +1(949) 574-3860
    Email Contact