TORONTO, Nov. 7 /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 $500,000 in new funds. The private placees will
subscribe for 2,500,000 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 $0.20 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 $0.30 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 10% finder's fee to White Knight Capital Corp.
The private placement is subject to regulatory approval by the TSX
Venture Exchange.
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 II 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.
