CHINA WIND CLOSES NON-BROKERED PRIVATE PLACEMENT OFFERING FOR GROSS PROCEEDS OF $4.3 MILLION
November 23 2010 - 12:31PM
PR Newswire (Canada)
TORONTO, Nov. 23 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES/ - Schedules Annual General Meeting for December 2 in
Toronto - TORONTO, Nov. 23 /CNW/ - China Wind Power International
Corp. (TSX-V: CNW) ("China Wind" or the "Company") today announced
that it has closed a non-brokered private placement offering of
2,408,131 common shares of the Company at a price of $1.80 CDN per
share for gross proceeds of C$4,334,636. The Company's current
largest shareholder Ruihao Trust subscribed for 950,403 shares
under the Offering, representing approximately 39.47% of total
shares issued through the private placement. Certain other
directors and senior officers of the Company also subscribed for
1,457,729 shares under the Offering, representing 60.53% of total
shares issued through the private placement. The securities issued
as a result of the private placement are subject to a four-month
hold period from the date of issue. Proceeds from the offering will
be used for the construction of Phase 2 of the Company's wind farm
development project, as well as for working capital and general
corporate purposes. No commissions will be paid in connection with
the private placement. The Offering was made as a condition of an
approximate CDN $50 million banking loan arrangement that the
Company is currently in the final stages of processing. China Wind
Power will use the funds of the loan to complete construction of
Phase 2 of its planned five phase wind farm development
project. When fully completed, Phase 2 will consist of 35
turbines and a combined capacity of 49.5 MW of renewable
energy. China Wind is committed to completing a five phase
wind farm in 2014 that will ultimately provide 546 MW of capacity
Annual General Meeting The Company also announced that its annual
general meeting of shareholders will be held on December 2 at 4:00
pm at the Hilton Hotel in Toronto. Proxy materials have been
distributed to shareholders. Additional information can be found on
the Company's SEDAR profile. About China Wind Power International
Corp. China Wind Power International Corp. is an Ontario company
that is uniquely positioned to capitalize on the growing demand for
wind power in China. The Company indirectly holds the
exclusive rights for wind energy development in Du Mon County,
Heilongjiang Province, which has a demonstrated potential installed
capacity of 1,150 MW of wind energy developable over an area of 612
square km. While 1,150 MW represents the Company's long-term
potential for wind power in the area, its current plans are for
building out 546 MW over five development phases. The
Company's common shares are listed on the TSX Venture Exchange
under the symbol CNW. The Company has approximately 63.9 million
shares outstanding. For more information and the latest updates on
China Wind Power, visit our investor relations blog at
http://chinawindpower.posterous.com or follow us on Twitter at
http://twitter.com/ChinaWindPower Forward-looking statements
Certain statements that are not historical facts made in this press
release may be forward looking statements subject to risks and
uncertainties. Statements containing words such as "will", "could",
"expect", "may", "anticipate", "believe", "intend", "estimate",
"plan" and other similar expressions are forward-looking statements
that represent management's beliefs at the time the statements are
made and are based on certain factors and assumptions including
wind farm construction and commercial production schedule, output
and capacity, revenue and earnings expectations and market
potential. These forward-looking statements are subject to a
variety of risks and uncertainties and other factors that could
cause actual events to differ materially from those projected in
forward-looking statements. Important factors that could cause
actual results to differ materially from the Company's expectations
include uncertainties involving the availability of financing;
fluctuations in currency exchange rates; uncertainties relating to
economic and market conditions; uncertainty of estimates of capital
and operating costs; the need to obtain additional financing
to develop the projects and uncertainty as to the availability and
terms of future financing; the possibility of delay in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed
in the information circular dated May 29, 2009 relating to the
Company's reverse take-over with Berkshire Griffin Inc., which is
available at www.sedar.com under the Company's profile. Except as
required by applicable securities laws, the Company undertakes no
obligation to update any forward looking statement to reflect
events or circumstances after the date on which such statement is
made. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. tabletr valign="top"td
align="left"Wendell Zhangbr/ Chief Financial Officerbr/ China Wind
Power International Corp.br/ Tel: 416-916-4205br/ Email: a
href="mailto:wzhang@chinawindpowerinternational.com"wzhang@chinawindpowerinternational.com/a/td
td /td td align="left"Joe Racanellibr/ Investor Relationsbr/
The Equicom Group Inc.br/ Tel: 416-815-0700 ext 243br/ Email: a
href="mailto:jracanelli@equicomgroup.com"jracanelli@equicomgroup.com/a /td/tr/table
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