EnWave Corp (TSX-V:ENW, OTC:NWVCF) announced that it has closed its fully subscribed private placement offering of common shares, raising gross proceeds of $3 million.
The company issued a total of 7.5 million common shares at a price of C$0.40 per share.
The offering included a brokered component of 6.125 million shares, led by Clarus Securities as lead agent and sole bookrunner.
In addition, EnWave completed a non-brokered component consisting of 1.375 million shares.
The offering was carried out under Canada’s listed issuer financing exemption rules.
EnWave said it intends to use the net proceeds to build two large-scale (60kW–120kW) Radiant Energy Vacuum (REV) dehydration machines. The manufacturing and fabrication process is expected to take about six months.
The company stated the investment is designed to support faster order fulfillment and meet prospective demand for REV equipment as its pipeline continues to expand.