Redline Communications Receives $2M from Warrant Conversion
TORONTO, June 13, 2014 /CNW/ - Redline Communications (www.rdlcom.com Group Inc. TSX: RDL - "Redline" or the "Company"), a leading provider of mission-critical wireless networks, announced today that it received approximately CDN $2.1 million in consideration from the exercise of previously issued warrants.
These warrants represent the last of the "First Warrants" issued as part of the Company's private placement announced in April 2011.The warrants had an expiry date of June 10, 2014, and therefore no First Warrants remain outstanding. The exercise price was CDN $2.30 per share and the aggregate number of shares issued as a result of the warrant exercise is 910,325 common shares in the capital of the Company. The warrants have previously been reported in the Company's financial statements and management discussion and analysis and as a result, the total potential diluted common shares outstanding have not changed as a result of this warrant exercise. Subsequent to the warrant exercise, Redline currently has 16,664,255 common shares issued and outstanding, and 19,401,254 shares fully diluted.
Redline Communications (www.rdlcom.com) is the creator of powerful wide-area wireless networks for the most challenging applications and locations. Used by oil and gas companies to manage their assets, militaries for secure battlefield communications, municipalities to remotely monitor highways, utilities and other infrastructures, and telecom service providers to deliver premium services, Redline's powerful and versatile networks reliably and securely deliver voice, data, M2M and video communications for mission-critical applications.
Forward Looking Statements
Certain statements in this release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws. In some cases, forward-looking statements can be identified by terms such as "could", "expect", "may", "will", "anticipate", "believe", "intend", "estimate", "plan", "potential", "project" or other expressions concerning matters that are not historical facts. Readers are cautioned not to place undue reliance upon any such forward-looking statements.
Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance, achievements or developments of Redline to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements, by their nature, are based on certain assumptions regarding expected growth, management's current plans, estimates, projections, beliefs, opinions and business prospects and opportunities (collectively, the "Assumptions"). While the Company considers these Assumptions to be reasonable, based on the information currently available, they may prove to be incorrect.
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