ENPAR Technologies Inc. has announced that, subject to regulatory and formal documentation, it will begin finalising the first tranche of a non-brokered, private placement this week.
The placement will be for 33 333 333 units at $0.15 per unit. Each unit will consist of one common share in the capital stock of the corporation, as well as a one-half share purchase warrant, which is exercisable for a two-year period from the date of closing. Two purchase warrants will entitle the holder to purchase one additional common share at an exercise price of $0.25 per share.
ENPAR claims that the proceeds of this offering will be used for both marketing and manufacturing initiatives, as well as for general working capital. The private placement is subject to regulatory approval by the TSX Venture Exchange.