ENPAR Announces Closing of Private Placement
January 17, 2013. Guelph Ontario.
ENPAR Technologies Inc. (TSX VENTURE: ENP)
("ENPAR" or the "Company") announces that it closed a Non-brokered Private Placement to accredited investors on January 17, 2013. The gross proceeds of $500,000 representing a total of 5,000,000 common shares were priced at $0.10 per share and are subject to a hold period of four months from the date of closing.
Each Unit is comprised of one Common Share in the capital stock of the Corporation and a Two Tier full share Purchase Warrant ("Warrant"). Each Tier is comprised of one-half (1/2) of a common share Purchase Warrant exercisable for a period of two (2) years from the date of closing. Two one-half (1/2) Tier 1 Purchase Warrants entitle the holder to purchase one additional common share at an exercise price of $0.15 per share. Two one-half (1/2) Tier 2 Purchase Warrants will entitle the holder to purchase one additional common share at an exercise price of $0.20 per share. Each Warrant will entitle the holder to acquire one (1) additional Common Share for a period of two (2) years from the date of closing.
Commissions paid to agents amounted to $35,680 (8% cash) and 356,800 Agent Share Purchase Warrants (8% warrants) were granted.
The private placement is subject to regulatory approval by the TSX Venture Exchange.
The Company currently has an outstanding capital of 72,611,074 common shares with 9,350,000 common shares reserved for issuance on the exercise of outstanding stock options.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of water used in the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The Company's common shares trade on Tier ll of the TSX Venture Exchange under the symbol "ENP".
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gene Shelp, President and CEO Tel: 519.836.6155
Fax: 519.836.5683
E-mail: info@enpar-tech.com
Web Site: www.enpar-tech.com
70 Southgate Drive Unit 4,Guelph, ON, CANADA N1G 4P5
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.
