Non-brokered deal sells 66,666,666 common shares at C$0.15 per share
By Devika Patel
Knoxville, Tenn., June 17 – Enablence Technologies Inc. said it will raise C$10 million in a non-brokered private placement of stock.
The company will sell 66,666,666 common shares at C$0.15 apiece. The price per share is a 36.36% premium to the June 16 closing share price of C$0.11.
Settlement of the initial tranche is expected June 25 and the final tranche is expected to settle on July 30.
Proceeds will be used to increase capacity to meet demand and accelerate product development.
“This financing includes strategic investors who will bring a wide range of industry expertise, manufacturing experience, and future business to Enablence. This represents a major endorsement of Enablence's current products and long term strategy to establish leadership in the integrated photonics market,” chairman Louis De Jong said in a press release.
Based in Ottawa, Ont., Enablence designs and manufactures optical components.
| Issuer: | Enablence Technologies Inc.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 66,666,666
|
| Price: | C$0.15
|
| Warrants: | No
|
| Agents: | Non-brokered
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| Pricing date: | June 17
|
| Settlement date: | June 25, July 30
|
| Stock symbol: | TSX Venture: ENA
|
| Stock price: | C$0.11 at close June 16
|
| Market capitalization: | C$14.18 million
|
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