Company raises funds for sales and marketing, research and development
By Devika Patel
Knoxville, Tenn., Dec. 11 - EnWave Corp. said it priced a private placement of units to raise between C$7.5 million and C$10 million. The deal was announced Nov. 19.
The company will sell up to 7,142,855 units of one common share and one half-share warrant at C$1.40 per unit.
Each whole warrant is exercisable at C$1.75 for two years. The strike price reflects a 16.67% premium to the Dec. 10 closing share price of C$1.50.
Settlement is expected Dec. 20.
The offering will be conducted on a best-efforts basis through a syndicate of agents led by Raymond James Ltd. and including CIBC.
Proceeds will be used for the production of Radiant Energy Vacuum machines associated with some commercial licenses, expanded sales and marketing efforts, research and development, working capital and general corporate 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 nutraREV, powderREV, bioREV and freezeREV brands.
| Issuer: | EnWave Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7.5 million (minimum), C$10 million (maximum)
|
| Units: | 7,142,855 (maximum)
|
| Price: | C$1.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.75
|
| Agents: | Raymond James Ltd. (lead), CIBC
|
| Announcement date: | Nov. 19
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 20
|
| Stock symbol: | TSX Venture: ENW
|
| Stock price: | C$1.50 at close Dec. 10
|
| Market capitalization: | C$110.78 million
|
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