Ottawa-based optical component supplier Enablence has closed the first tranche of financing it says will help it meet current and future demand linked to recent contracts with telecommunication vendors.
Enablence says 6,666,666 shares were issued on Thursday at $0.15 per share for a total of $1 million. The shares will be on hold for four months.
This is the first stage of financing which is eventually expected to raise $10 million. The deal has received conditional approval from the TSX Venture Exchange.
OBJ360 (Sponsored)
Is your company a Best Place to Work?
Even in uncertain economic times, you can take this to the bank. The most successful companies are those with the highest employee engagement. That’s why the Ottawa Business Journal and
Is your company a Best Place to Work?
Even in uncertain economic times, you can take this to the bank. The most successful companies are those with the highest employee engagement. That’s why the Ottawa Business Journal and
The company says the additional funds will also help it create its next generation of products to meet customer demand.
