By Devika Patel
Knoxville, Tenn., Aug. 18 - Enssolutions Group Inc. announced it has concluded the first tranche of a private placement of units, raising C$2.2 million. The deal priced for between C$1.5 million and C$2 million on June 17, and the company said it plans to raise another C$150,000.
The company sold 21,999,374 units at C$0.10 each in this tranche. It plans to sell another 1.5 million units. The units each consist of one common share and one warrant, with each warrant exercisable at C$0.25 for 18 months.
Proceeds will be used to support the company's capital expenditure program and for working capital and general corporate services.
Toronto's Enssolutions provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing.
| Issuer: | Enssolutions Group Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,349,937
|
| Units: | 23,499,374
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.25
|
| Pricing date: | June 17
|
| Settlement date: | Aug. 18 (for C$2,199,937)
|
| Stock symbol: | TSX Venture: ENV
|
| Stock price: | C$0.045 at close June 16
|
| Market capitalization: | C$3.61 million
|
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