Proceeds reduce debt, fund licensing program expansion and development
By Devika Patel
Knoxville, Tenn., Oct. 31 - Times Three Wireless Inc. said it raised C$1.4 million in a non-brokered private placement of stock. The deal priced on Oct. 17.
The company sold 28 million common shares at C$0.05 per share. The price per share is a 150% premium to the Oct. 16 closing share price of C$0.02.
Proceeds will be used will be used for the expansion and development of the company's technology and patent licensing programs. About C$400,000 of the proceeds will be used to reduce debt under a debenture.
The Calgary, Alta., company operates a wireless networking and licensing business.
| Issuer: | Times Three Wireless Inc.
|
| Issue: | Common stock
|
| Amount: | C$1.4 million
|
| Shares: | 28 million
|
| Price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 17
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: TTW
|
| Stock price: | C$0.02 at close Oct. 16
|
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