SIMI VALLEY, California, Nov. 22, 2016 /PRNewswire/ -- AIRBORNE WIRELESS NETWORK (OTC QB: ABWN) is pleased to announce that on November 22, 2016, it closed a $1,200,000 private placement funding transaction.
Pursuant to that transaction, the Company sold 1,500,000 shares of its common stock for a purchase price of $0.80 per share, for a total of $1,200,000. In addition, pursuant to that transaction, the Company granted to the purchaser of those securities a warrant to purchase for a period of one year an additional 1,500,000 shares of the Company's common stock at a price of $1.25 per share.
The purchaser of these shares is a non-US person. No commissions, etc. were paid.
This release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward looking statements.
Risks and uncertainties include, but are not limited to, availability of capital, general industry conditions and competition; general economic factors; the impact of industry regulation; technological advances; new products and patents attained by competitors; challenges in new product development; manufacturing difficulties or delays; dependence on the effectiveness of the company's patents; and the exposure to litigation, including patent litigation, and/or regulatory actions.
SOURCE Airborne Wireless Network