Enablence Technologies Inc. (TSX-V:ENA) raised $21.2 million in a public offering, the Ottawa firm announced Monday.
Tim Thorsteinson of Enablence. (Photo supplied)
The fibre-to-the-home provider sold 36.6 million common shares, with chief executive Tim Thorsteinson purchasing 258,620 of those for gross proceeds of $150,000.
Syndicate members included Paradigm Capital, TD Securities Inc., Fraser Mackenzie Ltd. and Raymond James Ltd.
Enablence closed a "disappointing and challenging" fiscal 2010 with $14 million generated during the final quarter this summer, $1 million below expectations.
The firm blamed "startup delays" at an unnamed offshore provider for optical network terminals.
However, Enablence has stated it is expecting new customer growth after its purchase of Teledata Networks.
The Ottawa company also let go of its previous chief executive after a 17 per cent sales drop in the third quarter.