By Devika Patel
Knoxville, Tenn., Dec. 17 - EnWave Corp. said it plans a C$3 million private placement of units.
The company will sell 3,333,333 units at C$0.90 apiece. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$1.15 for one year.
Canaccord Financial Ltd. is the lead agent of a syndicate that includes Clarus Securities Inc.
Proceeds will be used for research and development projects and for general working capital and corporate needs.
EnWave is developing new methods of dehydrating food and biological materials using proprietary technologies developed in conjunction with the University of British Columbia. The company is based in Vancouver, B.C.
| Issuer: | EnWave Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Units: | 3,333,333
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.15
|
| Agent: | Canaccord Financial Ltd. (lead), Clarus Securities Inc.
|
| Pricing date: | Dec. 17
|
| Stock symbol: | TSX Venture: ENW
|
| Stock price: | C$0.95 at close Dec. 16
|
| Market capitalization: | C$46 million
|
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