Dec. 17, 2010 (Business Wire) -- Nexaira Wireless Inc. (“Nexaira”) (OTCBB:NXWI) announces that, effective December 17, 2010, it closed a private placement of 8,600,000 shares of common stock at a price of US$0.10 per share for cash proceeds of US$860,000. Nexaira issued the 8,600,000 shares of common stock to eleven new investors, two of which are non-US persons.
Nexaira has agreed to issue 1,400,000 warrants as both a placement fee and for ongoing investment banking and other financial advisory services. The warrants are exercisable at a strike price equal to US$0.28 per share until December 17, 2013.
None of the securities offered or sold under the private placement have been or will be registered under the Securities Act, and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. Each of the securities issued will be a “restricted security” under the Securities Act and will be subject to a hold period under applicable US and Canadian securities laws.
Excluding the conversion of $2,454,262 of debt into equity during the year ending October 31, 2010, a total of $2,193,750 in equity and $1,712,000 in debt has been raised by the company in the last fourteen months.
Nexaira intends to use the cash proceeds of the private placement to execute new purchase and sale agreements in its target markets, the continued development of the Company’s 3G/4G Adaptive Technology Platform (ATP) for secure high availability wireless applications and for general working capital and corporate purposes.
About Nexaira Wireless – The Leader in Secure High Availability Wireless Applications
Nexaira’s routing solutions are simple to install yet provide the advanced management and business class features demanded by the most sophisticated users. Nexaira’s wireless devices are ideal for secure high availability applications acting as the primary router for wireless, DSL, or cable networks or can be used to provide complete device and network redundancy in wide area network-failover/ fail back applications. For further information on how Nexaira is uniquely positioned to bridge the gap between wireline and secure wireless services and provide assurance that business operations continue during wireline network service interruptions, visit our website at www.nexaira.com.
Nexaira Wireless, Inc.
Ralph Proceviat, CFO
604-682-5629
rproceviat@nexaira.com
Source: Business Wire (December 17, 2010 - 4:47 PM EST)
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