Enablence Technologies Closes Equity Offering
30 Julho 2018 - 10:20AM
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Enablence Technologies Inc. (“Enablence” or the “Company”)
(TSXV:ENA), a leading supplier of optical components and subsystems
for access, metro and long-haul markets, today announced the
closing of an equity private placement of 20,000,000 common shares
of the Company (the “Common Shares”) at a price of $0.05 per
share for total gross proceeds of $1,000,000 (the “Equity
Offering”).
The proceeds from the Equity Offering are
intended to be used as growth capital for current and future
products, plus general corporate purposes.
The Equity Offering is considered to be a
“related party transaction” for purposes of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions ("MI 61-101") and Policy 5.9 – Protection of Minority
Security Holders in Special Transactions of the TSX Venture
Exchange as the sole subscriber, J. Zechner Associates Inc., is a
“related party” of the Company. The Company is relying on
exemptions from the formal valuation and minority shareholder
approval requirements available under MI 61-101. The Company is
exempt from the formal valuation requirement in section 5.4 of MI
61-101 in reliance on sections 5.5(a) and (b) of MI 61-101 as the
fair market value of the transaction, insofar as it involves
interested parties, is not more than the 25% of the Company's
market capitalization, and no securities of the Company are listed
or quoted for trading on prescribed stock exchanges or stock
markets. Additionally, the Company is exempt from minority
shareholder approval requirement in section 5.6 of MI 61-101 in
reliance on section 5.7(b) as the fair market value of the
transaction, insofar as it involves interested parties, is not more
than the 25% of the Company's market capitalization. The board of
directors of Enablence unanimously approved the Equity
Offering.
All Common Shares issued under the Equity
Offering are subject to a hold period expiring on November 28,
2018, being four months and one day from the date hereof.
The Common Shares have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any State in which
such offer, solicitation or sale would be unlawful.
About Enablence Technologies
Inc.
Enablence is a publicly traded company that
designs, manufactures and sells optical components and subsystems
to a global customer base. It utilizes its patented technologies,
including planar lightwave circuit intellectual property, in the
production of an array of photonic components and broadband
subsystems that deliver a key portion of the infrastructure for
current and next-generation telecommunication systems. The
Company’s product lines address all three segments of optical
networks: access – connecting homes and businesses to the network;
metro – communication rings within large cities; and long-haul –
linking cities and continents. For more information, visit
www.enablence.com.
Forward-looking Statements
This press release may contain forward-looking
statements regarding the use of proceeds of the Equity Offering;
the timing and ability of the Corporation, if at all, to obtain
final approval of the Equity Offering from the TSX Venture
Exchange; an exemption being available under MI 61-101 and Policy
5.9 of the TSX Venture Exchange from the minority shareholder
approval and valuation requirements for each related party
transaction; objectives, goals or future plans; potential financing
transactions, lending facilities, debt to equity conversion, future
sales and orders, funding of ongoing operations based on current
expectations, forecasts and assumptions which involve risks and
uncertainties associated with our business and the economic
environment in which the business operates. All such statements are
made pursuant to the 'safe harbour' provisions of, and are intended
to be forward-looking statements under, applicable Canadian
securities legislation. Any statements contained herein that are
statements of historical facts may be deemed to be forward-looking
statements. By their nature, forward-looking statements require us
to make assumptions and are subject to inherent risks and
uncertainties. We caution our readers of this press release not to
place undue reliance on our forward-looking statements as a number
of factors could cause actual results or conditions to differ
materially from current expectations. Please refer to the risks set
forth in the Company's continuous disclosure documents that can be
found on SEDAR www.sedar.com. Enablence does not intend, and
disclaims any obligation, except as required by law, to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
For further information contact: Enablence
Technologies Inc. Evan ChenCEO+1 613 656-2850 ext. 2
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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