UPDATE ON FINANCING
Enablence has continued to execute on its financing plans. Subsequent to September 30, 2012, Enablence has:
• Raised net cash totaling $3,345 (Cdn$3,329) by the sale of common shares, in two tranches. $2,060 (Cdn$2,050) was raised through the sale of 124,133 common shares on November 5, 2012 and $1,285 (Cdn$1,279) was raised through the sale of 77,447 shares on November 26, 2012. There were no investment advisor fees payable on the financing.
• Received net proceeds of $1,930 (gross proceeds $2,000) from the sale of ENA Switzerland. An additional $86 is expected to be received in calendar 2013.
• Repaid $2,000 of the $3,000 Bridge Loan with a U.S. bank, and also repaid $718 on the Company’s Subordinated Notes.
A term sheet has been executed with Cathay Bank, a chartered California bank. It establishes, subject to certain pre-funding conditions, a new line of credit and extra bank facilities totaling approximately $2,100-$2,400 to partially fund the repayment of the $3,000 Bridge Loan from the same California bank. In addition, the maturity date on the Bridge Loan has been extended from October 15, 2012 to January 15, 2013.
Revised terms have been negotiated and verbally agreed with the holders of approximately 83% of the value of the Secured Notes payable, totaling $10,000 plus accrued interest and excluding the $718 partial repayment noted above, and an extension of the term for the payment of the balance of the principal and interest.