GRANT OF STOCK OPTIONS TO CONSULTANTS
GUELPH, ON, Feb. 23 /CNW/ - ENPAR Technologies Inc. ("ENP" - Tier 2 - TSX) wishes to announce that the Company is completing negotiations with arm's length parties for a private placement. Under the Private Placement Agreement the company will receive up to $1,825,000 in new funds. The private placees will subscribe for 7,300,000 Units of ENPAR. Each Unit subscribed consists of one (1) common share of the Company and one (1) share purchase warrant. The price of each common share is $0.25 and will be subjected to a statutory hold period. The share purchase warrants will entitle the holder to acquire one (1) additional common share of ENPAR at a price of $0.35 for a period of two (2) years following the closing of the transaction. The Company anticipates that the agreement will close shortly.
The Company will pay a finder's fee of up to 10% to White Knight Capital Corp. and Halcorp Capital Ltd.
The private placement is subject to regulatory approval by the TSX Venture Exchange.
ENPAR announces that it has agreed to grant 735,000 options to four consultants. The options are exercisable at a price of $0.25 per share for a period of up to five years. The 735,000 options will be subject to shareholder approval at the next AGM scheduled for June 5, 2007.
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 Tier ll of 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.