GUELPH, ON, March 3 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR" or "the Company") is pleased to announce that, subject to regulatory approval and formal documentation, the Company will close a non-brokered private placement on March 31, 2010. Funds will be raised through the sale of Units to "Accredited Investors" in the Provinces of Alberta, British Columbia, and Ontario.
The placement will be for 5,000,000 Units at a price of $0.20 per unit. Each Unit will comprise one Common Share and one Common Share Purchase Warrant ("Warrant"). Each warrant will entitle the holder to acquire one additional Common Share for a period of one (1) year from closing at a price of $0.35 per common share. The proceeds of this offering will be used for marketing initiatives, and for general working capital.
The Company currently has an outstanding capital of 53,352,998 common shares and has reserved 5,000,000 common shares for the completion of the financing. In addition, there are currently 8,641,664 common shares reserved for issuance on the exercise of outstanding stock options.
The total amount of commission payable to the Agents will not exceed 10%.
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 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 date hereof.
SOURCE ENPAR TECHNOLOGIES INC.
For further information: For further information: Dr. Gene Shelp, President and CEO, Tel: (519) 836-6155, Fax: (519) 836-5683, E-mail: firstname.lastname@example.org, Web Site: www.enpar-tech.com