EnWave Announces Private Placement
EnWave Corporation announce dthat it has agreed to a financing in a non-brokered private placement of up to 7,333,333 units at a price of $0.30 per unit. Each unit will consist of one common share and one half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.45 per share for a period of one year from the date of issuance of the units.
The proceeds of up to $2,200,000 will be used to develop a pilot-scale powderREV technology to support the Danisco A/S collaboration announced on April 7, 2009, a new continuous pilot-scale nutraREVTM technology for increased product development activity, to support commercial sales and marketing activities for the commercial-scale nutraREVTM technology, and for general corporate needs.
The Company will pay finder’s fees of up to 7.5% of the value of units sold. The finder’s fees will be payable either in cash or in units at the option of the recipient. Any units paid as finder’s fees will be issued under the same terms and conditions of those sold to investors. All units will have a hold period of four months from the date of distribution as required by TSX Venture Exchange policies and securities law. The completion of this private placement is subject to regulatory approval.
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 under its nutraREVTM, powderREV, bioREVTM and freezeREV brands. REV technology combines microwave energy transfer under vacuum to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for both food products and medical applications that include fruit, vegetables, probiotics, enzymes, proteins, food cultures, vaccines and antibodies. More information about EnWave is available at www.enwave.net.
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