Edgewater Wireless Systems Inc. (TSXV: YFI) (OTC: KPIFF), a pioneer in AI-powered Wi-Fi Spectrum Slicing silicon solutions, announced the first closing of its non-brokered private placement financing. The company issued 7,155,879 units at $0.06 per unit, raising gross proceeds of approximately $429,353, subject to TSX Venture Exchange acceptance. The first close includes participation from a strategic investor within the global semiconductor industry and additional investors from the Silicon Catalyst ecosystem, underscoring growing support for Edgewater's patented technology.
Each unit consists of one common share and one warrant exercisable at $0.09 per share for two years. Management also participated, with insiders acquiring 1,000,000 units for $60,000, which constitutes a related party transaction under MI 61-101. The company is relying on exemptions from formal valuation and minority shareholder approval as the insider participation does not exceed 25% of market capitalization.
Andrew Skafel, President and CEO, stated: "This first close is an important execution milestone for Edgewater. Securing a strategic investor from the global semiconductor industry, alongside additional support from the Silicon Catalyst ecosystem, reinforces the growing industry interest in Spectrum Slicing and our roadmap for high-reliability, low-latency wireless connectivity."
Proceeds will be used for semiconductor design, engineering, and product development related to the Spectrum Slicing prototype, as well as general working capital. The company may complete additional tranches subject to market conditions and regulatory approvals. A cash commission of $2,478 and 41,300 finder's warrants were paid to an arm's length finder. All securities issued are subject to a four-month hold period.
Edgewater's Spectrum Slicing technology, delivered through the PrismIQ product family, enables multiple concurrent channels within a single band, improving capacity, latency, and reliability for applications including service provider networks, autonomous systems, and critical communications. As a Silicon Catalyst portfolio company, Edgewater is advancing a differentiated platform for next-generation connectivity.
