VANCOUVER, April 29, 2010 - Nexaira Wireless Inc. ("Nexaira" or the "Company") (OTCBB: NXWI) announced today that it closed the first tranche of 575,000 units of a non-brokered private placement of up to 1,000,000 units at a price of US$1.00 per unit for gross proceeds of $575,000. Each unit is comprised of one common share and one common share purchase warrant. Each non-transferable warrant entitles the holder to purchase one additional share of common stock of the Company at a price of $1.50 per share for two years from closing. Nexaira issued the units to non-U.S. persons (as that term is defined in Regulation S of the Securities Act of 1933, as amended (the "Securities Act")) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act. Nexaira expects to close all or a portion of the balance of the private placement of up to 425,000 units before June 1, 2010 or earlier as determined by the directors of the Company. "We are pleased to see this most recent round of financing underway and look forward to successfully completing the $1,000,000 financing by June 1, 2010. The addition of this tranche allows us to continue to develop the domestic market for our wireless products and services. " says Ralph Proceviat, CFO. 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. Nexaira intends to use the cash proceeds of the private placement for the continued development of the Company's 3G/4G routing technology and for general working capital and corporate purposes. On behalf of the Board of Directors, Mark Sampson For more information contact: |