January 20, 2014. Guelph Ontario. ENPAR Technologies Inc. (TSX VENTURE: ENP) ("ENPAR" or the "Company") announces that it closed a Non-brokered Private Placement to accredited investors January 17, 2014. The gross proceeds of $100,000 representing a total of 1,000,000 common shares were priced at $0.10 per share and are subject to a hold period of four months from the date of closing.
The Placement was for 1,000,000 Units at a price of $0.10 per unit. Each Unit is comprised of one Common Share in the capital stock of the Corporation and half of a Common Share Purchase Warrant ("Warrant") exercisable for a period of two (2) years from the date of closing. Should the Investors wish to fully exercise the Warrants, the Investors will be entitled to purchase a total of 500,000 additional Common Shares at price of $0.15 per share.
A maximum of 7% commission was paid to agents.
The proceeds of this Placement will be used for marketing and manufacturing initiatives, and for general working capital.
The private placement and grant of stock options are subject to regulatory approval by the TSX Venture Exchange.
ENPAR is a "Technology Company" applying its patented and proprietary "Electrochemical Technologies" to the treatment of water used in the mining, metal processing, chemical, agricultural, municipal and waste management sectors. The Company's common shares trade on Tier ll of the TSX Venture Exchange under the symbol "ENP".
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gene Shelp, President and CEO
Web Site: www.enpar-tech.com
70 Southgate Drive Unit 4,Guelph, ON, CANADA N1G 4P5
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause ENPAR Technologies Inc. results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. ENPAR believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. ENPAR undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.