ST. ALBERT, ALBERTA--(Marketwired - May 21, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRE SERVICES.
Enterprise Group, Inc. ("Enterprise" or the "Company") (TSX:E) announces that it has closed its previously announced private placement of 6% convertible unsecured subordinated debentures (the "Debentures") in the aggregate principal amount of approximately $6,000,000 (the "Offering"). Proceeds of the Offering will be used to complete a strategic acquisition.
The Debentures have a two-year term, bear interest at the rate of 6% per annum payable June 30, 2013 and quarterly thereafter and are convertible into common shares of Enterprise at a price of $0.50 per share.
All securities issued in connection with the Offering will be subject to a hold period of four months and one date from closing.
In conjunction with the closing of the Offering, Enterprise entered into an advisory agreement with the manager of Difference Capital Funding Inc. ("Difference Capital"). Enterprise is very excited about working with Difference Capital Funding Inc. and look forward to their support and building a long term relationship as we grow this company to a be leader in the infrastructure build out industry in Canada.
Further to the press release of February 28, 2013 announcing the company has entered into a Letter of Intent to purchase the shares of a specialized underground infrastructure construction company, the vendor has requested that Enterprise extend the close to June 14, 2013 with a provision to close at an earlier date if agreed upon by the vendor and the Company.