TORONTO, Dec. 23,
2024 /CNW/ - Wi2Wi Corporation (TSX.V: YTY)
(OTC: ISEYF) ("Wi2Wi" or the "Company") announces that, on
December 20, 2024, it closed its
previously announced non-brokered private placement by issuing a
total of 12,000,000 units (the "Units") at a price of $0.05 per Unit, for total gross proceeds
$600,000 (the "Offering").
Each Unit consists of one common share (a "Share") and one-half
of one common share purchase warrant (a "Warrant"). Each whole
Warrant entitles the holder to purchase one additional Share of the
Company at an exercise price of $0.10
for a period of two years from closing of the Offering, subject to
an acceleration clause.
The Warrants are subject to an acceleration clause, whereby if,
at any time prior to the expiry date of the Warrants, the closing
price of the Common Shares on the TSX Venture Exchange is equal to
or greater than $0.10 for any 10
consecutive trading days, then the Company may, at its option,
accelerate the expiry date of the Warrants by issuing a press
release announcing that the expiry date of the Warrants shall be
deemed to be on the 30th day following the issuance of the Warrant
acceleration press release. All Warrants that remain unexercised
following the accelerated expiry date shall immediately expire and
all rights of holders of such Warrants shall be terminated without
any compensation to such holder.
The Company plans to use the net proceeds of the Offering for
general working capital and corporate purposes. No finder's fees
were paid in connection with the closing of the Offering.
Closing of the Offering is subject to a number of conditions,
including receipt of all necessary corporate and regulatory
approvals, including the TSX Venture Exchange (the
"Exchange"). All Shares issued in connection with the
Offering will be subject to a statutory hold period of four months
plus a day from the date of issuance in accordance with the
policies of Exchange and applicable securities legislation.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release in the United
States. Such securities have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws,
and, accordingly, may not be offered or sold within the United States, or to or for the account or
benefit of persons in the United
States or "U.S. Persons", as such term is defined in
Regulation S promulgated under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
About Wi2Wi Corporation
Wi2Wi is a specialized electronic component supplier with
expertise in all aspects of frequency control devices as well as in
wireless technologies. Wi2Wi's Precision Devices brand of products
has earned a premier spot in numerous key markets including
avionics, aerospace, industrial equipment, government, and the US
military. Wi2Wi's frequency control products are best-in-class and
of the highest quality.
Founded in 2005, Wi2Wi's headquarters, design center and
state-of-the-art manufacturing facility are located in the heart of
America's industrial belt in Middleton,
WI. Wi2Wi can deliver specific solutions using its in-house
design and manufacturing expertise, as well as leveraging many
tier-1 global partnerships with numerous industry leading silicon
and wireless technology suppliers.
Wi2Wi has partnered with best-in-class sales leaders. The
company uses a global network of manufacturer's representatives to
promote its products and services, and has partnered with world
class distributors for the fulfillment of orders all of which
augment a US-based direct sales team.
Wi2Wi is extremely proud to serve hundreds of the world's top
companies with its made-in-America products.
Forward-Looking Statements: This news release contains
certain forward-looking statements, including management's
assessment of 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
the 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.
SOURCE Wi2Wi Corporation