TORONTO, ONTARIO--(Marketwired - Feb. 16, 2017) - Saudi Brothers Commercial Company (SBCC) announces that on March 10, 2016, it acquired ownership of 10,666,667 units of ENPAR Technologies Inc. at a price of $0.09375 per Unit for total consideration of $1,000,000, on a private placement basis. Each unit was comprised of one common share of ENPAR and one half of one share purchase warrant. Each warrant entitles the holder thereof to acquire one share at a price of $0.135 per share until March 10, 2018. Nizar Kammourie, duly authorized by all necessary action on the part of SBCC, represents that he has all the requisite power and authority to have entered into a voting agreement on behalf of SBCC.
Prior to this acquisition, SBCC owned no securities of ENPAR. SBCC now beneficially owns approximately 9.7% of the issued and outstanding shares of ENPAR on a non-diluted basis, and approximately 13.8% on a partially diluted basis assuming exercise of the warrants.
The shares were acquired for investment purposes. SBCC has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. ENPAR's head office is at 70 Southgate Drive, Unit 4, Guelph, Ontario, N1G 4P5.
As a result of inadvertent non-action, a news release and early warning report for the above acquisition were not previously issued or filed. A copy of SBCC's early warning report will appear on ENPAR's profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Dan Taylor, Chief Investment Officer, at +966 12660 6802.
SBCC is a private company registered in the Kingdom of Saudi Arabia. Its activities include operations in water services and investment.
Contact Information:
Al-Kayyal St., Al-Rawdah District
P.O. Box 5604
Jeddah 21432
Kingdom of Saudi Arabia