01:40 PM EDT, 03/12/2024 (MT Newswires) -- Enterprise Group Inc. ( ETOLF ) said Tuesday that it has raised gross proceeds of $7 million by completing an offering of units.

The company issued about 8.2 million units at $0.85 apiece.

The offering was led by Acumen Capital Finance Partners Ltd. and was comprised of a $5 million bought deal private placement of units and a $2 million reasonable commercial efforts private placement of units.

Each unit is comprised of one common share and one-half of one common share purchase warrant. Each warrant is exercisable to buy one additional common share for 24 months at an exercise price of $0.95 per warrant share.

The company plans to use the net proceeds to expand its fleet of rental equipment with an emphasis on low-emission mobile power systems and for general corporate purposes.

The company's stock was down 2.3% on last look on Tuesday.

Enterprise Group ( ETOLF ) is a consolidator of services-including specialized equipment rental to the energy/resource sector.

Price: 0.84, Change: -0.02, Percent Change: -2.33