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News

WebTech Wireless: Gross Proceeds of $6M

WebTech Wireless Inc. announced that the syndicate of underwriters of the Company’s previously announced bought deal private placement offering (the "Offering"), led by Versant Partners Inc., have delivered a notice to the Company of their intention to exercise the entire over-allotment option to purchase 5,000,000 additional common shares of WebTech at the offering price of $0.40 per common share.

On closing, the over-allotment is expected to provide an additional $2,000,000 in gross proceeds to WebTech. The closing for the purchase of the common shares to be issued pursuant to the Offering is anticipated to occur on or about February 28, 2011.

The total gross proceeds to the Company from the Offering of 15,000,000 common shares, including the exercise of the over-allotment, are expected to be approximately $6,000,000. The Company plans to use the net proceeds from the Offering for working capital and for general corporate purposes.

 [February 25, 2011]


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