Non-brokered deal funds acquisition of 75.1% interest in Hans Binder
By Devika Patel
Knoxville, Tenn., June 26 - EnWave Corp. said it raised C$5.03 million in the first tranche of a C$6 million non-brokered private placement of stock. The deal priced on June 14 and was increased to C$6 million from C$4.5 million on June 15.
The company is selling 4 million common shares at C$1.50 per share. The price per share is identical to the June 13 closing share price. EnWave sold 3,352,000 shares in the initial tranche.
Settlement of the final tranche is expected June 29.
Proceeds will be used to acquire a 75.1% controlling interest in Hans Binder Maschinenbau GmbH and for research and development projects, working capital and corporate needs.
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: | Common stock
|
| Amount: | C$6 million
|
| Shares: | 4 million
|
| Price: | C$1.50
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Upsized: | June 15
|
| Settlement dates: | June 26 (for C$5,028,000), June 29
|
| Stock symbol: | TSX Venture: ENW
|
| Stock price: | C$1.50 at close June 13
|
| Market capitalization: | C$106.37 million
|
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