Wi2Wi Corporation
TSX VENTURE : YTY

Wi2Wi Corporation

November 18, 2013 18:04 ET

Wi2Wi Announces Pricing of Private Placement Offering

TORONTO, ONTARIO--(Marketwired - Nov. 18, 2013) -

NOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Wi2Wi Corporation (TSX VENTURE:YTY) ("Wi2Wi" or the "Company") today announced that it has priced the fully marketed private placement offering previously announced on November 7, 2013, (the "Offering"). The Offering will be made on a best efforts fully marketed private placement basis for total gross proceeds of up to C$4,000,000. Each Unit shall be comprised of one common share priced at $0.20 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 exercise price of $0.25 for a period of 24 months following the closing of the Offering. The Offering is being led by Paradigm Capital Inc. who is also acting as sole book-runner on behalf of a syndicate including Byron Capital Markets Ltd. and M Partners Inc. (collectively, the "Agents").

In 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.

The 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.

The net proceeds of the private placement will be used for general corporate and working capital purposes.

About Wi2Wi

Wi2Wi is a leader in industrial-class WiFi, WiFi-Bluetooth and GPS system-in-a-package (SiPs). Wi2Wi focuses on industrial (including Automotive), medical, infrastructure (including smart-home/smart building) and government markets worldwide. Wi2Wi's products and value-added services provide highly integrated, multifunctional wireless sub systems as complete wireless connectivity solutions for the Machine-to-Machine (M2M) and portable device applications globally. The Wi2Wi product range is designed for long life and under a wide range of temperature variables.

DISCLAIMERS: Forward-Looking Statements: This news release contains certain forward-looking statements, including statements relating to the closing of the proposed Offering and use of proceed thereof, increasing future revenue and profitability and management's assessment of growth opportunities and interest in the Company's products, future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Common Shares: 81,548,688

Contact Information

  • Wi2Wi Corporation
    Dr. Reza Ahy
    Chief Executive Officer
    (408) 416-4200
    reza@wi2Wi.com