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Enablence Converts Debt

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2/20/2013
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OTTAWA -- 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. Enablence Technologies Inc.

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