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EnWave Corporation Announces Closing of Fully Subscribed $3 Million LIFE Offering

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, British Columbia, Aug. 21, 2025 (GLOBE NEWSWIRE) -- EnWave Corporation (TSXV:ENW, FSE:E4U)) ("EnWave", or the "Company") is pleased to announce that it has closed its fully subscribed private placement offering (the "Offering") of common shares of the Company (the "Shares"). The Company raised aggregate gross proceeds of $3,000,000 through the issuance of 7,500,000 Shares at a price of C$0.40 per Share (the "Issue Price").

Clarus Securities Inc. ("Clarus") acted as lead agent and sole bookrunner for the brokered component of the Offering comprised of 6,125,000 Shares, pursuant to an agency agreement entered into by Clarus and the Company dated as of August 21, 2025. The Company also completed a non-brokered component of the Offering in respect of 1,375,000 Shares. The Offering was conducted pursuant to the listed issuer financing exemption in accordance with Part 5A.2 of National Instrument 45-106, Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (together, the "Listed Issuer Financing Exemption"), in each province of Canada. A French translation of the offering document related to the Offering was filed under the Company's issuer profile at www.sedarplus.ca and posted to the Company's website at www.enwave.net on August 19, 2025, in order to extend the non-brokered component of the Offering to Québec purchasers.

By reason of the Offering being completed pursuant to the Listed Issuer Financing Exemption, the Shares issued and sold under the Offering are not subject to a "hold period" pursuant to applicable Canadian securities laws, except that in accordance with applicable policies of the TSX Venture Exchange (the "Exchange"), a four-month hold period expiring on December 22, 2025 will apply to all directors and officers of the Company receiving Shares pursuant to the Offering.

Clarus received a cash commission of $134,750 and 336,875 non-transferrable compensation options (the "Compensation Options") in respect of the brokered component of the Offering. Each Compensation Option entitles the holder thereof to acquire one Share (the ...