OTTAWA, CANADA -- (Marketwire) -- 02/19/13 -- Enablence Technologies Inc. ("Enablence" or the "Company") (TSX VENTURE: ENA), a leading supplier of optical components and subsystems for telecommunication access, metro and long-haul markets and enterprise and other applications, is pleased to announce the closing of the previously announced debt conversion and non-brokered private placement financing.
Enablence has closed the non-brokered private placement equity financing with certain existing shareholders issuing 9,121,212 common shares at a price of $0.33 per share (the "Share Price"). The aggregate amount of the private placement was increased to C$3,010,000 from the previously announced amount of C$2,720,000 (see press release of February 11, 2013). These shares are subject to a four month hold period pursuant to applicable securities laws which expires on June 20, 2013. The shareholders who subscribed are insiders of Enablence (each an "insider") participating in the private placement financing and each insider is a related party within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") (as more fully described in the press release of February 11, 2013).
In addition, Enablence issued 10,834,346 common shares to former shareholders of Pannaway for the cancellation of certain unsecured convertible notes (the "Notes") and repayment of the debt in the amount of approximately US$3,500,000 at the Share Price. These shares are subject to a four month hold period pursuant to applicable securities laws which expires on June 20, 2013.
About Enablence Technologies Inc.
Enablence Technologies Inc. is a publicly traded company (TSX VENTURE: ENA) that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies including PLC intellectual property in the production of an array of photonics components and broadband subsystems that deliver a key portion of the infrastructure for 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.
This press release may contain forward-looking statements, in particular with respect to equity financing, the restructuring of current debt obligations and increased revenues, margins, profitability and future growth of the continuing operations that are made as of the date hereof and are 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.
Enablence Technologies Inc.
Louis De Jong
Chief Executive Officer and Director
Most Popular Stories
- Hezbollah Chief's Assassination Claimed by Sunni Group
- SpaceX's Satellite Launch Is 'Game-Changer'
- Allstate Seeks to Invest in Minority Firms
- U.S. Growth Stayed Steady During Shutdown, Fed Says
- Newtown Massacre Heard on 911 Recordings
- Climate Change Early Warning System Urged
- Latin Music Conference Turns 25
- New Home Sales Shoot up 25 Percent in October
- Reid Confident Congress to Pass Immigration Bill
- Liberty Power Gets Minority Business Nod