VANCOUVER, British Columbia — EnWave Corporation closed a fully subscribed private placement offering of common shares of the Company for aggregate gross proceeds of $3 million through the issuance of 7,500,000 Shares at a price of C$0.40 per Share.
Clarus Securities Inc. acted as lead agent and sole bookrunner for the brokered component of the Offering comprised of 6,125,000 Shares. The Company also completed a non-brokered component of the Offering in respect of 1,375,000 Shares. The Offering was conducted pursuant to the listed issuer financing exemption in accordance with Part 5A.2 of National Instrument 45-106 – Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in each province of Canada.
By reason of the Offering being completed pursuant to the Listed Issuer Financing Exemption, the Shares issued and sold under the Offering are not subject to a “hold period” under applicable Canadian securities laws, except that in accordance with applicable policies of the TSX Venture Exchange, a four-month hold period expiring on December 22, 2025 will apply to all directors and officers of the Company receiving Shares pursuant to the Offering.
Clarus received a cash commission of $134,750 and 336,875 non-transferrable compensation options in respect of the brokered component of the Offering. Each Compensation Option entitles the holder thereof to acquire one Share at the Issue Price for a period of 24 months from the closing date of the Offering. The Compensation Options and the Compensation Option Shares are subject to a four-month hold period pursuant to Canadian securities laws.
The Company intends to use the net proceeds to build two large-scale (60kW-120kW) Radiant Energy Vacuum dehydration machines. The manufacturing and fabrication process to produce large-scale REV equipment takes approximately six months to complete. This investment is designed to ensure faster order fulfillment and support prospective future REV machine demand as EnWave’s pipeline continues to expand.
About EnWave
EnWave is a global leader in vacuum microwave dehydration solutions for the food, pharmaceutical and cannabis.
