EnWave Corporation
TSX VENTURE : ENW

EnWave Corporation

July 18, 2005 09:00 ET

EnWave Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 18, 2005) - EnWave Corporation (TSX VENTURE:ENW) (the "Company") wishes to announce it has raised $450,000 on closing of the non-brokered private placement announced on June 2, 2005. The company sold 2,500,000 units at a price of $0.18 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $0.25 per share for a period of two years expiring on July 14, 2007. The units will have a hold period of four months expiring on November 14, 2005. Of the total amount, 85,555 units were subscribed for by insiders of the Company. The proceeds will be used for EnWave's research projects and for working capital.

In addition, the Company issued 175,389 units, under the same terms and conditions as those of the private placement, as finder's fees corresponding to 10% of the value of units sold by brokers participating in the offering. A cash commission of $9,900 was also paid.

The total number of shares issued and outstanding stands now at 24,805,351.

This press release was prepared on behalf of the Board of Directors, which accepts full responsibility for its content.

ON BEHALF OF THE BOARD

Salvador Miranda, Chief Financial Officer and Director

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • EnWave Corporation
    Dr. Tim Durance
    President
    (604) 806-6110
    (604) 806-6112 (FAX)
    www.enwave.net