Canadian company sells units at C$1.80 apiece via syndicate of dealers
By Devika Patel
Knoxville, Tenn., Feb. 9 - EnWave Corp. said it plans a private placement of units. The deal priced for C$10 million with a C$2.07 million greenshoe on Jan. 18 and raised the full C$12.07 million.
The company sold 6,706,000 units at C$1.80 per unit. Each unit consists of one common share and one half-share warrant. Each whole transferable warrant will be exercisable at C$2.25 for 18 months. The strike price reflects a 12.5% premium to the Jan. 17 closing share price of C$2.00.
Canaccord Genuity Corp. led a syndicate of underwriters, which included Laurentian Bank Securities and Clarus Securities Inc. for this placing.
Proceeds will be used for general working capital purposes.
Based in Vancouver, B.C., EnWave is focused on the development of new methods of dehydrating food and biological materials using Radiant Energy Vacuum technology under its nutraREVR, powderREVR, bioREVR and freezeREVR brands.
| Issuer: | EnWave Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$12,070,800 (including C$2.07 million greenshoe exercise)
|
| Units: | 6,706,000
|
| Price: | C$1.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.25
|
| Underwriters: | Canaccord Genuity Corp. (lead), Laurentian Bank Securities and Clarus Securities Inc.
|
| Pricing date: | Jan. 18
|
| Settlement date: | Feb. 9
|
| Stock symbol: | TSX Venture: ENW
|
| Stock price: | C$2.00 at close Jan. 17
|
| Market capitalization: | C$114.06 million
|
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