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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, Nov. 23 /CNW/ - ENPAR Technologies Inc. (TSX VENTURE: "ENP") ("Enpar" or the "Company") is pleased to announce the closure of its previously announced brokered private placement (the "Offering") of 13,002,500 units ("Units"), each unit being comprised of one common share of the Company and one warrant to purchase common shares of the Company (a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share at a price of $0.50 until November 22, 2009.
Canaccord Capital Corporation acted as agent (the "Agent") in connection with the Offering. As compensation for services rendered in connection with the Offering, the Agent was paid an aggregate cash commission equal to 8% of the proceeds of the Offering and was issued warrants to purchase 1,300,250 common shares of the Company at a price of $0.50 per common share, such warrants being exercisable until November 22, 2009. The Agent also received a corporate finance fee in the amount of 250,000 units (the "Corporate Finance Units"). Each Corporate Finance Unit is comprised of one common share of the Company and one warrant that carries the same terms as the Warrants issued to purchasers under the Offering.
The net proceeds from the sale of the Units will be used for working capital purposes.
All securities issued under, or in connection with, the Offering will be subject to a four-month hold period under applicable Canadian securities laws. Completion of the Offering is subject to receipt by the Company of all necessary regulatory approvals.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of waste water and drinking water contaminated by metals or nutrients i.e., nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The common shares trade on the TSX Venture Exchange under the symbol "ENP".
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.