DALLAS, TEXAS : StockGuru announces that Nexaira Wireless Inc. (OTCBB: NXWI) is in the StockGuru Spotlight. Nexaira’s routing solutions are simple to install yet provide the advanced management and business class features demanded by the most sophisticated users. Nexaira’s wireless devices are ideal for high availability applications acting as the primary router for wireless, DSL, landline or cable networks or can be used to provide complete device and network redundancy in wide area network-failover/ fail back applications. For further information on how Nexaira is uniquely positioned to bridge the gap between wireline to wireless services and provide assurance that business operations continue during wireline network service interruptions.
On Thursday, the company put out news announcing that it completed a private placement for total gross proceeds of US$400,000. Nexaira issued to Gemini Master Fund, Ltd. (“Gemini”) a convertible note (the “Note”) in the face amount of US$400,000 and a three-year warrant. The Note bears interest at the rate of 10% per annum and has a maturity date of July 31, 2011. Nexaira’s subsidiaries have guaranteed repayment of the Note. The Note entitles Gemini to convert, any time after February 20, 2011 until maturity, all or any part of the outstanding principal, plus accrued but unpaid interest thereon, into shares of common stock of our company at a conversion price equal to the lesser of (i) $0.50 and (ii) 80% of the average of the three lowest daily VWAPs (as defined in the Note) during the twenty (20) consecutive trading days immediately preceding the applicable conversion date (the “VWAP Price”). If the VWAP Price is less than the floor price of $0.40, then Nexaira has the option to pay in cash an amount equal to the market price multiplied by the difference between the number of shares that it would have had to issue at the price below the floor price less the number of shares actually issued at the floor price.
Shares for Nexaira Wireless Inc. (OTCBB: NXWI) were steady during the late afternoon of trading on Thursday and closed with no change at closing.
To view our StockGuru Spotlight on Nexaira Wireless Inc. (OTCBB: NXWI), please visit: http://stockguru.com
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Nexaira Wireless Inc. is in the StockGuru Spotlight for August 27, 2010
