/"NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES"/
GUELPH, ON, Oct. 29 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR") is pleased to announce that it has negotiated, subject to regulatory approval and formal documentation, a brokered private placement with Canaccord Capital Corporation ("Canaccord") to raise up to $5,000,000 with an over-allotment option of up to an additional 20%, on a commercially reasonable efforts basis. Funds will be raised through the sale of units to purchasers in British Columbia, Alberta, Ontario and in such other jurisdictions in Canada and outside Canada, which are agreed to by the Company and Canaccord.
The placement will be for 12,500,000 units at a price of $0.40 per unit. Canaccord will be entitled to increase the offering size by up to an additional 2,500,000 units. Each unit will comprise one Common Share and one transferable Common Share Purchase Warrant ("Warrant"). Each warrant will entitle the holder to acquire one additional Common Share for a period of two years from closing at a price of $0.50 per common share. The proceeds of this offering will be used for working capital purposes.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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.