May 3, 2010 (FinancialWire) — Nexaira Wireless Inc. (OTCBB: NXWI) said that it closed the first tranche of 575,000 units of a non-brokered private placement of up to one million units at a price of $1.00 per unit for gross proceeds of $575,000.

Each unit is comprised of one common share and one common share purchase warrant. Each non-transferable warrant entitles the holder to purchase one additional share of common stock of the company at a price of $1.50 per share for two years from closing.

Nexaira issued the units to non-U.S. persons (in an offshore transaction.

The company said it expects to close all or a portion of the balance of the private placement of up to 425,000 units before June 1, or earlier as determined by the directors of the company.

Nexaira plans to use the cash proceeds of the private placement for the continued development of the company’s 3G/4G routing technology and for general working capital and corporate purposes.

Canada-based Nexaira develops and delivers third and fourth generation wireless routing solutions to mobile operators, service providers, value added resellers, enterprise customers and original equipment manufacturers worldwide .

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