Enablence Technologies Inc. announced a private placement of unsecured convertible debentures of gross proceeds of CAD 11 million on June 26, 2023. The transaction will include participation from new investor, Pinnacle Island LP. The transaction may close up to an additional CAD 1 million of convertible debentures in a second tranche closing.

The debentures would be convertible for common shares at a conversion price of CAD 2 per common share and an interest rate of 7.5% per annum, payable semi-annually on December 31 and June 30 of each calendar year, other than the initial interest payment, which is payable on April 1, 2024. The maturity date of the debentures is June 30, 2027.