World Class Separations Company Subscribes for a Private Placement of Common Shares of ENPAR
March 10, 2015 10:37 AM EDT | Source: Enpar Technologies Inc.
Guelph, Ontario--(Newsfile Corp. - March 10, 2015) - Dr. Gene Shelp, President and CEO of ENPAR Technologies Inc. (TSXV: ENP) ("ENPAR" or "the Company"), is very pleased to announce that its pending international joint-venture partner (World Class Separations Company) has decided to proceed with an equity investment in ENPAR for a total amount of CAD $500,000. Because of delays related to logistical and corporate matters which must be addressed to establish a Canadian subsidiary, the parties have agreed to proceed with an initial investment of CAD $150,000, thereby demonstrating the partner's commitment to completion of the proposed joint venture. The outstanding equity raise will be completed once the Canadian subsidiary is set-up during Q2 2015.
The initial placement will be for 1,500,000 Units at a price of $0.10 per unit. Each Unit will be comprised of one Common Share in the capital stock of the Corporation and a one-half share Purchase Warrant ("Warrant"), which is exercisable for a period of two (2) years from the date of closing. Two Purchase Warrants will entitle the holder to purchase one additional Common Share at an exercise price of $0.1375 per share. The outstanding placement will be for additional 3,500,000 Units at the same conditions as mentioned above.
The proceeds of this offering will be used for marketing and manufacturing initiatives, and for general working capital.
The private placement is subject to regulatory approval by the TSX Venture Exchange.
About ENPAR Technologies Inc.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of waste water, desalination 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".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gene S. Shelp, Ph.D., P.Geo., President and CEO
70 Southgate Drive, Unit 4
Guelph, ON CANADA N1G 4P5
Tel: (519) 836-6155
Fax: (519) 836-5683
E-mail: gshelp@enpar-tech.com
Web Site: www.enpar-tech.com
Forward Looking Statements
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. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. ENPAR believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. ENPAR undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.