22 SEP 2026 — Enablence Technologies closed a C$25 million private placement on 18 September, selling 3,226,000 shares at C$7.75 each to a single investor. The proceeds are earmarked for fabrication capacity in Silicon Valley and Vietnam.
Vietnam is the half that is already running.
What was bought and sold
The placement was announced on 15 September and closed three days later. The buyer is Collingwood Investments Incorporated. The shares carry a statutory hold of four months and a day, the TSX Venture Exchange has still to give final acceptance, and Paradigm Capital takes an advisory fee of 5 per cent of gross proceeds.
One investor, one price, no broker syndicate. This was a negotiated block, not a market raise.
The rights that came with it
The investor rights agreement grants Collingwood "pro rata pre-emptive rights on all future issuances of equity securities by the Company and certain top-up rights".
Those two rights do a specific job together. They let a holder keep its percentage through any future raise instead of being diluted by it. The release mentions no board nomination right.
So the position is built to be held and defended, without a seat attached to it.
Where the money goes
Enablence says the net proceeds fund "planned capital expenditures to expand capacity at its fab facilities in Silicon Valley and Vietnam, working capital to support growing sales volumes, and general corporate purposes".
The company makes planar lightwave circuit chips, passive optical components whose job is to route light rather than to process it. TechNode reports them going into 800-gigabit and 1.6-terabit links inside AI computing clusters, and into telecom networks and automotive lidar.
The demand from AI clusters explains the timing. Those links multiply with every rack added, and the same buyers building everything else buy them.
Vietnam is already in production
The Vietnamese operation is not a proposal. Volume production began in August with ShunYun Technology, an optical-transceiver maker owned by Foxconn and its ShunSin group, under an assembly partnership struck in March.
That splits the supply chain three ways. Chip design sits in Ottawa, wafer fabrication in California, packaging and assembly in Vietnam. TechNode frames the arrangement as an alternative to Chinese optical components for North American buyers facing possible United States restrictions.
Read that way, the Vietnamese step is the commercially load-bearing one. The design and the wafers were always going to be North American. Vietnam supplies the part that decides whether the product can be made in volume at a price, by a partner whose name reassures the customer.
What the release leaves out
Two things a reader would reasonably want are missing.
The release states neither the proportion of the company Collingwood ends up holding nor any premium to the market price. TechNode reports the stake at 13.3 per cent and the price as a 21 per cent premium to the recent market price. Both of those figures come from that report, not from the company.
Nor does the release say who Collingwood Investments is. It is named once and then called "the Investor" throughout. For a buyer taking a double-digit share of a listed company, with pre-emptive rights over every future issue, that silence is conspicuous.
