Enablence closes C$25M private placement with Collingwood Investments

Enablence Technologies Inc. (TSXV: ENA) has closed a C$25 million private placement with Collingwood Investments Incorporated, issuing 3,226,000 common shares at C$7.75 per share.

According to a press release, the company plans to use the net proceeds to fund capital expenditures for expanding capacity at its fabrication facilities in Silicon Valley and Vietnam, as well as for working capital and general corporate purposes.

Concurrent with the closing, Enablence entered into an investor rights agreement with Collingwood Investments that includes pro rata pre-emptive rights on future equity issuances and certain top-up rights in favor of the investor.

The shares issued are subject to a statutory hold period of four months and one day from the closing date under Canadian securities laws. The offering remains subject to final acceptance by the TSX Venture Exchange.

Paradigm Capital Inc. served as exclusive financial advisor to Enablence on the transaction and is entitled to an advisory cash fee equal to 5% of gross proceeds. Bennett Jones LLP acted as legal advisor to the company.

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