Non-brokered deal funds acquisition of 75.1% interest in Hans Binder
By Devika Patel
Knoxville, Tenn., July 3 - EnWave Corp. said it raised C$486,000 in the second and final tranche of a C$5.51 million non-brokered private placement of stock. The deal priced at up to C$4.5 million on June 14 and was increased to a maximum of C$6 million on June 15. The company raised C$5.03 million on June 26.
The company sold a total of 3,676,000 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 and 324,000 shares in the second tranche.
Proceeds will be used to acquire a 75.1% controlling interest in Hans Binder Maschinenbau GmbH, 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.
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Issue: | Common stock
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Amount: | C$5,514,000
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Shares: | 3,676,000
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Price: | C$1.50
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | June 14
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Upsized: | June 15
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Settlement date: | June 26 (for C$5,028,000), July 3 (for C$486,000)
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Stock symbol: | TSX Venture: ENW
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Stock price: | C$1.50 at close June 13
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Market capitalization: | C$104.94 million
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