Company seeks funds for machine fabrications, working capital purposes
By Devika Patel
Knoxville, Tenn., Oct. 22 – EnWave Corp. said it completed a C$5 million private placement of units. The deal priced for C$4 million with a C$1 million greenshoe on Oct. 5.
The company sold 6.25 million units of one common share and one half-share warrant at C$0.80 per unit. Of the units, 1.25 million were part of the fully exercised greenshoe.
Each whole warrant is exercisable at C$1.20 for five years. The strike price reflects a 44.58% premium to the Oct. 2 closing share price of C$0.83.
The offering was conducted on a bought-deal basis by underwriter Cormark Securities Inc.
Proceeds will be used for machine fabrications and general corporate and 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$4 million
|
| Greenshoe: | C$1 million, or 1.25 million units
|
| Units: | 5 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$1.20
|
| Underwriter: | Cormark Securities Inc.
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| Pricing date: | Oct. 5
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| Settlement date: | Oct. 22
|
| Stock symbol: | TSX Venture: ENW
|
| Stock price: | C$0.83 at close Oct. 2
|
| Market capitalization: | C$67.62 million
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