Another PP closed
Enpar closes $50,000 private placement
2013-02-01 16:15 ET - News Release
Dr. Gene Shelp reports
ENPAR ANNOUNCES CLOSING OF PRIVATE PLACEMENT GRANTS OF STOCK OPTIONS
Enpar Technologies Inc. closed a non-brokered private placement to an accredited investor Feb. 1, 2013. The gross proceeds of $50,000 represents a total of 625,000 common shares priced at eight cents per share, which are subject to a hold period of four months from the date of closing.
Each unit comprises one common share in the capital stock of the corporation and a full share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional common share at an exercise price of 15 cents per share for a period of three years from the date of closing.
Commissions paid to agents amounted to $4,000 (8 per cent cash), and 50,000 agent share purchase warrants (8 per cent warrants) were granted.
The company has also granted 200,000 incentive stock options to a consultant. The options are exercisable at a price of 10 cents for a period of two years from the date of grant.
The private placement and grant of stock options are subject to regulatory approval by the TSX Venture Exchange.
The company currently has an outstanding capital of 73,236,074 common shares, with 9.55 million common shares reserved for issuance on the exercise of outstanding stock options.
We seek Safe Harbor.