Company says brokered deal also has C$2.07 million greenshoe option
By Devika Patel
Knoxville, Tenn., Jan. 18 - EnWave Corp. said it plans a private placement of units. The deal, which is slated to raise C$10 million, has a C$2.07 million greenshoe.
The company will sell 5,556,000 units on a bought-deal basis 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. will lead a syndicate of underwriters, which includes Laurentian Bank Securities and Clarus Securities Inc. for this placing.
Proceeds from the deal, which is expected to settle on Feb. 9, 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$10,000,800
|
| Greenshoe: | C$2.07 million
|
| Units: | 5,556,000
|
| 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$111.03 million
|
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