EnWave Corporation
TSX VENTURE : ENW

EnWave Corporation

October 05, 2015 08:02 ET

EnWave Corporation Announces $4 Million "Bought Deal" Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 5, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

EnWave Corporation (TSX VENTURE:ENW) ("EnWave" or "the Company") is pleased to announce that it has entered into an agreement with Cormark Securities Inc. (the "Underwriter") pursuant to which the Underwriter has agreed to purchase, on a bought deal private placement basis, 5,000,000 units (the "Units") of the Company at a purchase price of $0.80 per Unit (the "Issue Price"), for gross proceeds to the Company of $4 million (the "Offering"). Each Unit shall consist of one common share (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each whole Warrant shall be exercisable into one Common Share at a price of $1.20 for 5 years following Closing of the Offering.

The Underwriter has also been granted an option, exercisable in whole or in part at any time prior to the closing date, to purchase up to an additional 1,250,000 Units at the Issue Price, which would result in additional gross proceeds of $1,000,000.

The Offering is scheduled to close on or about October 22, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV and any applicable securities regulatory authorities.

The net proceeds of the Offering will be used for machine fabrications and for general corporate and working capital purposes.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

About EnWave

EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. To date, the Company has signed fifteen royalty-bearing commercial licenses with various companies, thereby opening up eight distinct market sectors for commercialization. In addition to these fifteen licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products within the United States of America under the Moon Cheese® brand.

  1. nutraREV® (food industry applications): designed for quick, low-cost dehydration of fruits, vegetables, herbs, dairy products, meats and seafood, with benefits including improved nutritional content, appearance, flavor and texture relative to conventional methods.
  2. quantaREV® (food industry applications): designed for high-volume, low-temperature dehydration of solids, liquids, granular or encapsulated products.
  3. powderREV® (pharmaceutical applications): designed as a high-speed, lower-energy, continuous alternative to freeze drying for bulk dehydration of temperature-sensitive biomaterials (bacteria, enzymes, probiotics, food cultures, etc.).

In addition, EnWave is currently developing two new commercial REV™ platforms:

  1. freezeREV® (pharmaceutical applications): a multi-vial prototype technology designed to act as an accelerated freeze dryer to produce room-temperature stable biopharmaceuticals and reagents.
  2. bioREV® (pharmaceutical applications): a single-vial prototype technology designed to produce room-temperature stable vaccines and antibodies requiring less refrigeration.

More information about EnWave is available at www.enwave.net.

EnWave Corporation

Dr. Tim Durance, President, CEO and Director

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the 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.

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