By Angela McDaniels
Tacoma, Wash., May 28 - EnWave Corp. closed a C$2.2 million non-brokered private placement of units, according to a company news release.
The company issued 7,346,667 units for C$0.30 each.
Each unit consists of one common share and half a warrant. Each whole warrant is exercisable for one share at a price of C$0.45 for one year.
EnWave said it will pay a finder's fee of 7.5% in cash or units in connection with the purchase of units by some investors.
The proceeds will be used to develop a pilot-scale powderREV technology to support the company's collaboration with Danisco A/S, for a new continuous pilot-scale nutraREV technology for increased product development activity, to support commercial sales and marketing activities for the commercial-scale nutraREV technology and for general 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 shares and half a warrant
|
| Amount: | C$2,204,000
|
| Units: | 7,346,667
|
| Price: | C$0.30
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.45 per whole warrant
|
| Agent: | Non-brokered
|
| Pricing date: | May 15
|
| Settlement date: | May 28
|
| Stock symbol: | TSX Venture: ENW
|
| Stock price: | C$0.36 at close May 14
|
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