Enablence Technologies Inc. announced a private placement of up to 440,000,000 subscription receipts at a price of CAD 0.025 for gross proceeds of CAD 11,000,000 on August 23, 2021. Each subscription receipt will automatically convert, without any further action on the part of the holders thereof, into one post-consolidation common share and one-fifth of one common share purchase warrant of the company upon the completion of the recapitalization transaction. Each subscription receipt warrant will entitle the holder thereof to purchase one post-consolidation common Share at a price of CAD 0.03 per share for a period of 36 months following the closing date of the recapitalization transaction.

The securities being issued under the transaction are subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation.