Dr. Tim Durance reports

ENWAVE CORPORATION ANNOUNCES CLOSING OF $5 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT

EnWave Corp. has completed its previously announced bought-deal private placement offering to Cormark Securities Inc. of 6.25 million units of the company at a purchase price of 80 cents per unit, which includes the exercise in full of the underwriter's option, for aggregate gross proceeds of $5-million.

Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire a common share at an exercise price of $1.20 for five years following the closing date of the offering.

In connection with the offering, the company paid the underwriter a cash fee equivalent to 6 per cent of the gross proceeds from the offering in addition to 225,000 broker warrants, each of which is exercisable for a period of two years from the closing date into one unit at the offering price and upon the same terms as the units issued in connection with the offering.

All securities issued in connection with the offering are subject to a statutory four-month hold period, which expires on Feb. 23, 2016.

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

We seek Safe Harbor.