GUELPH, ON, Nov. 28, 2011 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP)
("ENPAR" or "the Company") announces that, subject to regulatory
approval and formal documentation, the Company will offer a
non-brokered, private placement to "Accredited Investors" in the
Provinces of Alberta, British Columbia, and Ontario.
The placement will be for 10,714,286 Units at a price of $0.14 per Unit
representing $1,500,000 in the aggregate. Each Unit will comprise one
Common Share and one Common Share Purchase Warrant ("Warrant"). Each
Warrant will entitle the holder to acquire one (1) additional Common
Share for a period of two (2) years from closing at a price of $0.25
per common share. The proceeds of this offering will be used for
general corporate purposes and working capital.
The Company currently has an outstanding capital of 59,810,574 common
shares and has reserved 10,714,286 common shares for the completion of
the financing. In addition, there are currently 13,667,914 common
shares reserved for issuance on the exercise of outstanding Warrants
and Stock Options.
The total amount of commission payable to Agents will not exceed 8% Cash
plus 8% Agent Warrants at an exercise price of $.25 per common share
with an expiry date of two (2) years from the date of closing.
The private placement is subject to regulatory approval by the TSX
ENPAR is a "Technology Company" applying its patented and proprietary
"Electrochemical Technologies" to the treatment of water used in the
mining, metal processing, chemical, agricultural, municipal and waste
management sectors. The Company's common shares trade on Tier ll of the
TSX Venture Exchange under the symbol "ENP".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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
SOURCE Enpar Technologies Inc.
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