Company procures funds for sales and marketing, research, development
By Devika Patel
Knoxville, Tenn., Dec. 20 - EnWave Corp. said it settled a C$7.75 million private placement of units. The deal was announced Nov. 19 and priced for between C$7.5 million and C$10 million on Dec. 11.
The company sold 5,534,872 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.
The offering was 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, for 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 nutraREVR, powderREVR, bioREVR and freezeREVR brands.
| Issuer: | EnWave Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7,748,821
|
| Units: | 5,534,872
|
| 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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