On January 19, 2010, EnWave Corporation (TSX-V: ENW | FSE: E4U) announced that the company had closed a brokered private placement consisting of an aggregate of 3,888,888 units at a price of $0.90 per unit for aggregate gross proceeds to EnWave of $3,499,999. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $1.15 per share until January 19, 2011. The private placement was led by Canaccord Financial Ltd., as sole lead agent and bookrunner, with syndication participation by Clarus Securities Inc.
The net proceeds of the private placement will be used for advancement of EnWave's research and development projects and for general working capital and corporate needs.
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating food and biological materials using Radiant Energy Vacuum technology.
EnWave was advised in this transaction by Iain Mant and Benjamin Lee of Fasken Martineau.