2023-06-26 16:26:36 ET
- Photonics semiconductors company Enablence Technologies ( TSXV: ENA:CA ) ( OTCPK:ENAFF ) said on Monday that it is set to launch a C$11M private placement of unsecured convertible debentures.
- The private placement is proposed to be made to Pinnacle Island.
- The company is also expected to amend and restate the terms of an existing term loan facility dated Dec. 31, 2021, with Vortex ENA.
- The loan agreement's maturity date is extended to June 30, 2026.
- As consideration for the amendment, the company will issue 575,000 share purchase warrants to Vortex ENA, with each bonus warrant entitling Vortex ENA to acquire one share at C$2.00.
- The company may also close up to an additional C$1M of convertible debentures in a second tranche closing.
- The C$1M debt matures June 30, 2027, and carries an interest rate of 7.5% per annum, payable semi-annually.
- The C$1M convertible debentures carry a conversion price of C$2.00 per share.
- The company will utilize C$6.6M of the proceeds to fund the expansion of production capacity needed to meet anticipated growth in sales of the company's products, and for general corporate purposes.
- Source: Press Release
For further details see:
Enablence Technologies to launch C$11M private placement of debentures