Ottawa-based Edgewater secures $2M private placement

Wireless

Ottawa tech firm Edgewater Wireless says it’s raised $2 million in a private placement to help it scale up and fulfill orders from several large customers.

The local firm, which provides high-density Wi-Fi networks, has recently landed contract wins with U.S. grocery chain Kroger as well as cable TV company Mediacom Communications.

“We’re excited to ramp production and manufacturing to ensure we have a robust supply chain,” said Andrew Skafel, Edgewater’s president and CEO, in a statement.

The non-brokered private placement consists of 12.5 million shares priced at 16 cents per unit. Edgewater has engaged Echelon Wealth Partners as a financial advisor in connection with the offering, which is scheduled to close by the week of Aug. 10.

The company’s stock price was down 1.5 cents to 16 cents per share in early Wednesday afternoon trading on the TSX Venture Exchange.