TORONTO, Feb. 28 /CNW/ - ENPAR Technologies Inc. ("ENPAR" or "the Company") is pleased to announce that, further to its press release dated February 23, 2007, it has completed a private placement of 7,245,000 aggregate units with arm's length parties. These securities are restricted from trade until June 27, 2007. ENPAR has granted one (1) warrant per common share at a price of $0.35 per warrant with an expiry date two (2) years from the closing date of the Private Placement Agreement.
The proceeds of $1,811,250 realized from the placement will be allocated as working capital to be expended in support of ongoing operations and business development initiatives.
The Company has paid an aggregate of $104,375 as a finder's fee to Halcorp Capital Ltd and White Knight Capital Corp.
The Company received regulatory approval from The TSX Venture Exchange on February 27, 2007.
Upon completion of this transaction the Company will have
36,470,259 common shares issued and outstanding.
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.