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, announces a further update to the previously announced non-brokered financings.
Enablence has closed the second and final tranche of its first non-brokered private placement financing by issuing 77,446,927 common shares for proceeds of Cdn$1,279,000, approximately Cdn$200,000 of the proceeds are conditional on the TSX Venture Exchange approval of one of the subscriber's personal information form (PIF) because the subscriber will hold over 10% of the issued and outstanding shares of the Company.
The second tranche was completed by the same investors at two different prices: (i) Cdn$288,149 at a price of Cdn$0.005 for an issuance of 57,629,919 common shares of Enablence, using the TSX Venture Exchange Policy on Temporary Relief from Certain Pricing Requirements, and (ii) Cdn$990,851 at a price of Cdn$0.05 per share for an issuance of 19,817,008 common shares of Enablence. The shares are subject to a four month hold period pursuant to applicable securities laws which expires on March 24, 2013.
Enablence Technologies Inc.