Infowave Software negotiates $2 million private placement of units

By Sheri Kasprzak

New York, April 27 - Infowave Software, Inc. intends to raise up to $2 million in a private placement.

The non-brokered deal has not yet been priced, but it is expected to close in May.

The offering includes units of one share and one half-share warrant with each warrant exercisable for two years.

Gerald Trooien, the company's largest shareholder, agreed to buy up to 25% of the offering, and the company's president, James Suttie, agreed to buy up to 5% of the offering.

The proceeds will be used to accelerate adoption of the company's new Echo by Infowave product, a mobile application suite used by businesses in the energy, utilities, defense, communications and medical instrumentation sectors.

Infowave, based in Vancouver, B.C., develops mobile application software used to integrate business operations.

On Wednesday, the stock closed unchanged at C$0.065 (Toronto: IW).

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