|By Marketwired .||
|June 17, 2014 05:00 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 06/17/14 -- Enablence Technologies Inc. ("Enablence" or the "Company") (TSX VENTURE:ENA), a leading supplier of optical components and subsystems for access, metro and long-haul markets, announced a non-brokered private placement financing up to $10 million to be subscribed for in tranches by new strategic shareholders as well as certain existing shareholders of the Company (the "Financing"). The Financing has received conditional approval from the TSX Venture Exchange.
The Financing is expected to raise up to $10,000,000 at a price of $0.15 per share resulting in the issuance of up to 66,666,666 common shares of the Company. The shares are subject to a four month hold period pursuant to applicable securities laws.
The initial tranche of the Financing is expected to close on or about June 25, 2014 and the final tranche of the Financing is expected to close on or about July 30, 2014.
The proceeds from the Financing are expected to enable the Company to increase capacity to meet current and expected future demand associated with a number of recent contracts awarded by telecommunications equipment vendors. Enablence will also accelerate development of next generation integrated products to meet customer demands.
"This financing includes strategic investors who will bring a wide range of industry expertise, manufacturing experience, and future business to Enablence. This represents a major endorsement of Enablence's current products and long term strategy to establish leadership in the integrated photonics market," commented Louis De Jong, Chairman of Enablence.
Enablence also announces Jacob Sun is stepping down from the board of directors; Mr. Sun is the former CEO of Enablence.
About Enablence Technologies Inc.
Enablence is a publicly traded company that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies, including planar lightwave circuit ("PLC") intellectual property, in the production of an array of photonic components and broadband subsystems that deliver a key portion of the infrastructure for current and next-generation telecommunication systems. The Company's product lines address all three segments of optical networks: access - connecting homes and businesses to the network; metro - communication rings within large cities; and long-haul - linking cities and continents. For more information, visit www.enablence.com.
This press release may contain forward-looking statements regarding potential financing transactions, funding of ongoing operations based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR www.sedar.com. Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Enablence Technologies Inc.
Louis De Jong
+1 613 656 2850 ext. 0
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