EnWave Corporation
TSX VENTURE : ENW
FRANKFURT : E4U

EnWave Corporation

June 08, 2007 18:58 ET

EnWave Completes and Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2007) -

EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) (the "Company") wishes to announce that it has raised $1,000,674 on closing of a non-brokered private placement of 2,223,721 units at a price of $0.45 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 $0.65 per share until June 6th, 2008. The units will have a hold period expiring on October 7th, 2007, as required by TSX Venture Exchange policies and securities law. The proceeds will be used for EnWave's Radiant Energy Vacuum (bioREV and nutraREV) research projects, and for working capital.

Of the total number of units, 44,444 were subscribed by an insider, and 345,000 by members of the "Pro Group" as defined by TSX Venture Exchange Policy 1.1.

In addition, the Company paid finder's fees related to the private placement consisting of 107,516 units in the same terms and conditions of those of the offering, and $1,733 in cash.

About EnWave

EnWave is a spin-off company from the University of British Columbia whose primary focus is the development of a new method for dehydrating biological materials using Radiant Energy Vacuum technology under the brand name bioREV. The bioREV technology combines microwave energy transfer with pressure control to alter structures, dehydrate and drive chemical reactions, thereby creating unique product characteristics for various medical applications including dry vaccines, bone and tissue engineering and drug delivery. More information about EnWave is available at www.enwave.net.

ON BEHALF OF THE BOARD

John McNicol, President, Co-C.E.O. and Director

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

Contact Information

  • EnWave Corporation
    Mr. John McNicol
    President and Co-CEO
    (604) 601 8524
    (604) 806-6112 (FAX)
    Website: www.enwave.net