Nexaira Wireless announces closing of non-brokered private placement |
VANCOUVER, January 11, 2010 – Nexaira Wireless Inc. (“Nexaira” or the “Company”) (OTCBB:NXWI) announced that effective January 6, 2010, we closed a non-brokered private placement of 1,754,524 units at US$0.50 per unit for cash proceeds of US$375,000 and in settlement of debt totalling $502,262. 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 our company at a price of $1.00 per share until January 6, 2012. The units were issued pursuant to private placement subscription agreements and debt conversion agreements, as applicable, each dated January 6, 2010. We issued the units to 10 non-U.S. persons (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933. None of the securities offered or sold under the private placement have been or will be registered under the United States Securities Act of 1933, as amended (the “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 Act. Each of the securities issued will be a “restricted security” under the 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. Mark Sampson For more information contact: |