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Date Announced: 26 Jun 2014
Optical component maker raising cash to increase production capacity.
OTTAWA, ONTARIO--(Marketwired - June 26, 2014) - Enablence Technologies Inc. ("Enablence" or the "Company") (TSX VENTURE:ENA), a leading supplier of optical components and subsystems for access, metro and long-haul markets, today announced the closing of the first tranche of a non-brokered private placement in the amount of $1 million, at a price of $0.15 per share resulting in total shares being issued of 6,666,666. The shares are subject to a four month hold period.
As previously announced on June 17, 2014, this first tranche is part of total financing which is expected to be subscribed for by new strategic shareholders as well as existing shareholders and is expected to raise up to an amount of $10,000,000 (the "Financing") at a price of $0.15 per share resulting in the issuance of up to 66,666,666 common shares of the Company. The Financing has received conditional approval from the TSX Venture Exchange. The shares will be subject to a four month hold period pursuant to applicable securities laws.
The proceeds from the Financing are expected to enable the Company to increase capacity to meet current and expected future demand associated with a number of recent contracts awarded by telecommunications equipment vendors. Enablence will also accelerate development of next generation integrated products to meet customer demands.
Source: Enablence Technologies
E-mail: via web site
Web Site: www.enablence.com
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