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Enterprise Group Inc Announces Closing of Private Placement of $4.12 Million in Common Shares

Tuesday, 28 May 2013 04:44pm EDT 

Enterprise Group Inc announced that it has closed its previously announced brokered private placement (Offering) with a syndicate of agents led by M Partners Inc. and including Beacon Securities Limited (together the Agents), pursuant to which the Company issued 8,587,586 common shares of Enterprise (Common Shares) at a price of $0.48 per Common Share for gross proceeds of approximately $4.12 Million. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from closing.On closing the Agents received a cash commission in an amount equal to 6% of the aggregate gross proceeds of the Offering. In addition, on closing the Company issued to the Agents 515,255 common share purchase warrants (the Broker Warrants), which is equal to 6% of the number of Common Shares sold pursuant to the Offering. Each Broker Warrant will entitle the holder thereof to purchase one Common Share (Broker Share) at a price of $0.49 per share at any time prior to the date that is 12 months from closing. The net proceeds of the Offering will be used for capital expenditures related to Artic Therm International Ltd., acquisition and integration costs associated with the transaction announced February 28, 2013 in the event of completion of that transaction, and for general working capital purposes. 

Company Quote

-0.03 -7.50%
24 Dec 2014