EnWave Announces Closing of Public Offering and Concurrent Private Placement for Aggregate Gross Proceeds of $10 Million

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EnWave Announces Closing of Public Offering and Concurrent Private Placement for Aggregate Gross Proceeds of $10 Million


VANCOUVER, BC--(Marketwired - November 15, 2017) - EnWave Corporation (TSX VENTURE: ENW) (FRANKFURT: E4U) ("EnWave" or the "Company") is pleased to announce that it has closed its previously announced public offering (the "Offering") of 8,760,000 units of the Company (the "Units") at a price of $1.05 per Unit (the "Issue Price"), which includes the exercise in full of the underwriters' over-allotment option, for aggregate gross proceeds of $9,198,000. The Offering was conducted by way of a short form prospectus through a syndicate of underwriters led by Cormark Securities Inc., and included CIBC World Markets Inc., Haywood Securities Inc., Industrial Alliance Securities Inc., PI Financial Corp. and Raymond James Ltd.

Each Unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price equal to $1.50 for a period of five years following the closing of the Offering.

The Company also announces the closing of a concurrent non-brokered private placement (the "Concurrent Private Placement") of 770,000 units of the Company (the "Placement Units"), at the Issue Price, for aggregate gross proceeds of $808,500. The Placement Units are identical to the Units sold pursuant to the Offering, except that they are subject to a statutory four-month hold period which expires on March 16, 2018. The Company received aggregate gross proceeds from the Offering and Concurrent Private Placement of $10,006,500.

In connection with the Offering, EnWave paid the Underwriters a cash fee equivalent to 6% of the gross proceeds from the Offering (which was reduced to 4% in respect of "President's List" subscribers) in addition to 480,739 broker warrants (the "Broker Warrants"), each of which is exercisable, at the Issue Price, for a period of two years from the closing date into one unit of the Company on terms identical to the Units issued in connection with the Offering. In connection with the Concurrent Private Placement, EnWave paid certain finders a cash fee of between 4-6% of the gross proceeds from the Concurrent Private Placement in addition to 44,800 finder's warrants on terms identical to the Broker Warrants.

The Company received conditional approval from the TSX Venture Exchange (the "TSXV") to list the Warrants issuable pursuant to the Offering. Such listing will be subject to EnWave fulfilling the final listing requirements of the TSXV. If listed, the Warrants are expected to commence trading under the ticker symbol "ENW.WT" on or before November 20, 2017.

The net proceeds of the Offering and Concurrent Private Placement will be used to fund the manufacture of the REV™ equipment for sale and working capital, as more particularly described in the Company's short form prospectus dated November 9, 2017.

About EnWave Corporation

EnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum ("REV™") -- an innovative, proprietary method for the precise dehydration of organic materials. REV™ technology's commercial viability has been demonstrated and is growing rapidly across several market verticals in the food and pharmaceutical sectors. EnWave's strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed twenty-three royalty-bearing licenses to date, opening up eight distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Partnership, NutraDried LLP, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand.

EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:

  1. nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;
  2. powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, and
  3. quantaREV® which is used for continuous, high-volume low-temperature drying.

An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.

EnWave Corporation

Dr. Tim Durance, President & CEO

Forward-Looking Information: 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 use of proceeds from the Offering and Concurrent Private Placement are forward-looking statements. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions, including that the Company will use the proceeds of the Offering and Concurrent Private Placement as currently intended and other risks applicable to the Company as disclosed in its public filings. 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. EnWave does not undertake to update its forward-looking information unless required by applicable securities law. 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.

For more information contact:

John Budreski
Executive Chairman
+1 (416) 930-0914
E-mail: [email protected]

Brent Charleton
Senior Vice President, Sales and Business Development
+1 (778) 378-9616
E-mail: [email protected]

Deborah Honig
Corporate Development, Adelaide Capital Markets
+ 1 (604) 755-1348
E-mail: [email protected]

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