BURNABY, British Columbia-WebTech Wireless Inc. said it has issued nearly 5.1 million common shares for total proceeds of $3.7 million pursuant to the exercise of share purchase warrants.
The warrants originated from a 2004 private placement and entitled holders to acquire up to 5.5 million common shares at a calculated average price of 73 cents per share until Aug. 27.
The company said proceeds will be used for research-and-development initiatives, strengthening its existing distribution channels and general working capital.
