Ottawa Business Journal - Technology

Article

Print
Send to a friend
Comment (0)

Enablence raises $21.2M in public offering

Tim Thorsteinson of Enablence. (Photo supplied)

Published on December 6, 2010; Published on December 6, 2010
OBJ Staff

Enablence Technologies Inc. (TSX-V:ENA) raised $21.2 million in a public offering, the Ottawa firm announced Monday.

Topics :: TD Securities Inc. , Fraser Mackenzie , Raymond James Ltd. , Ottawa

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.

Rate
Top of the page

Submit a comment

Submit a comment Your name* Email* (we keep all emails private) Write your comment here*

Agreement

We ask that users remain courteous. You may not post insulting, discriminatory or inappropriate content, which may be removed at our discretion. We are not responsible for user content and opinions. Use of this site as well as content submission & ownership are governed by our Conditions of Use and Privacy Policy.

Member organizations should be non-profit in nature, and promote legal activities. Any organization found promoting illegal activities or commercial products or services will be deleted from the site.

I agree with these conditions.