Non-brokered offering slated to sell 40 million units in two tranches
By Devika Patel
Knoxville, Tenn., June 26 – Enablence Technologies Inc. said it will conduct a C$2 million non-brokered private placement of units.
The company will sell 40 million units of one common share and a half-share warrant at C$0.05 per unit.
The whole warrants will each be exercisable at C$0.06 for 18 months. The strike price is a 20% premium to the June 25 closing share price of C$0.05.
The deal is expected to close in two tranches, with the C$350,000 first tranche expected to settle on Friday and the second tranche expected to settle on July 15.
Proceeds will be used for general working capital purposes.
Enablence also said that this financing replaces the second tranche of a financing the company announced on March 26. In that C$5 million offering, as previously reported, the company was selling 100 million units of one common share and one warrant at C$0.05 per unit. It raised C$1.15 million on April 7, but didn’t settle the second tranche of C$350,000.
Based in Ottawa, Enablence designs and manufactures optical components.
| Issuer: | Enablence Technologies Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2 million
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| Units: | 40 million
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| Price: | C$0.05
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.06
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| Agent: | Non-brokered
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| Pricing date: | June 26
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| Pricing date: | June 26 (for C$350,000), July 15
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| Stock symbol: | TSX Venture: ENA
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| Stock price: | C$0.05 at close June 25
|
| Market capitalization: | C$9.16 million
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