Redline Communications (News - Alert) has obtained a total of nearly $12.11 million from warrant conversion. The warrants were issued as a component of the organization’s confidential appointment declared in April 2011. The $12.15 million received comprises of the amount obtained in the notice put out on November 12, 2012. Currently, the total number of shares issued due to the overall warrant conversions is 3,241,204 Redline common shares.
In a statement, Eric Melka, CEO of Redline said, "Securing $12M of additional cash will allow us to accelerate our already impressive growth in the energy market, especially for larger system sales."
Several of the "First Warrants" and "Second Warrants" given out as a unit of the organization’s confidential placement declared in April 2011 are signified by these warrants. During the First Warrant exercise, shares were issued at $2.33 a piece. During the Second Warrants, the shares were priced at $4.66 a piece. Currently, around 325,373 Second Warrants still have to be applied, and amount for nearly $1,516,070 of the proceeds. These shares need to be exercised at the latest by January 28, 2013 to avoid expiry.
Redline is confident that the above mentioned warrants will be exercised in time. There is no assurance, however, in this scenario until Redline obtains the exercise forms and related payments. Supplementary information will be offered by Redline in the near future. The organization is also holding onto 937,500 First Warrants with a probable income of $2,184,137, which will expire after June 10, 2014.
Redline’s financial statements, analysis and executive discussion have included reports of the warrants. The warrant exercises have therefore not altered the dues of complete probable diluted common shares.
Redline Communications is a major provider of specialized broadband wireless offerings. Virtual Fiber, a sturdy wireless broadband solution for implementing and expanding secure networks in an economically viable manner, is developed by Redline. Virtual Fiber can link digital oilfields and smart grids, assist and improve public safety networks, and introduce Internet access wherever and whenever it's required irrespective of terrain or remote location.
The organization has been offering powerful, flexible and dependable wireless systems for over 10 years. These systems are used by governments, militaries, oil and gas companies and telecom service providers.
Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.
Edited by Brooke Neuman