CATCH THE WIND CLOSES PRIVATE PLACEMENT OFFERING FOR GROSS PROCEEDS OF CDN $8.7 MILLION
November 29 2010 - 4:24PM
PR Newswire (Canada)
MANASSAS, VA, Nov. 29 /CNW/ -- Not for Distribution to United
States Newswire Services or for Dissemination in the United States
MANASSAS, VA, Nov. 29 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW),
providers of feed-forward, intelligent utility scale wind turbine
performance improvement systems, today announced that it has closed
a private placement offering of 17,316,359 units and 5,665,588
common shares of the company for aggregate gross proceeds of CDN
$8,679,680. Each unit was priced at CDN $0.39, consisting of one
common share and one common share purchase warrant. Each whole
warrant entitles the holder to purchase, subject to adjustment in
accordance with its terms, one half of one common share of the
Company at an exercise price of CDN $0.55 per whole share at any
time within 24 months from the closing of the offering. Each common
share sold separately from units was priced at CDN $0.34. Jacob
Securities Inc. acted as lead agent for the private placement.
Other syndicate members were Raymond James Ltd. and Mackie Research
Capital Corporation. The agents for the private placement received
a commission of: (a) 6% of the aggregate gross proceeds raised
under the brokered portion of the offering; and (b) compensation
options entitling the agents to acquire, in the aggregate, 6% of
the respective number of common shares and units issued to
subscribers under the brokered portion of the offering, with the
compensation options exercisable into one common share at a price
of CDN $0.34 per share, and one unit at a price of CDN $0.39 per
unit, as applicable. The compensation options will be exercisable
for a period of 24 months from the closing of the offering.
Each unit will be comprised of one common share and one common
share purchase warrant. Each whole warrant entitles the holder to
purchase, subject to adjustment in accordance with its terms, one
half of one common share of the Company at an exercise price of CDN
$0.55 per whole share at any time within 24 months from the closing
of the offering. The Company may elect to close a second tranche of
the offering within the next 10 days. Pursuant to applicable
Canadian securities laws, the securities issued under the offering
to the subscribers and the agents, including securities issued on
conversion of securities issued under the offering, will be subject
to a four-month hold period from the closing of the offering. The
net proceeds of the offering will be used for production
optimization of the Company's Vindicator® Laser Wind Sensor, sales,
marketing and customer trials, and for general working capital
purposes. Various Hunter Hall entities, which collectively have
beneficial ownership of, or control or direction over, directly or
indirectly, common shares of the Company carrying more than 10% of
the outstanding common shares of the Company, purchased an
aggregate of 8,974,359 common shares under the offering,
representing approximately 39% of the total number of common shares
issued under the offering (including common shares forming part of
units). Following completion of the offering, the Company believes
that these parties will collectively have beneficial ownership of,
or control or direction over, 22,649,359 common shares of the
Company, which represents 28.14% of the total number of outstanding
shares of the Company post-offering. In addition, Philip Rogers and
Alisa Rogers, who jointly have beneficial ownership of, or control
or direction over, directly or indirectly, common shares of the
Company carrying more than 10% of the outstanding common shares of
the Company, purchased an aggregate of 1,470,588 common shares
under the offering (which represented the non-brokered portion of
the offering), representing approximately 6.4% of the total number
of common shares issued under the offering (including common shares
forming part of units). Following completion of the offering, the
Company believes that these parties will collectively have
beneficial ownership of, or control or direction over, 26,470,588
common shares of the Company, which represents 32.89% of the total
number of outstanding shares of the Company post-offering. The
participation of these parties in the offering constitutes a
related party transaction under Canadian Multilateral Instrument
61-101 ("MI 61-101"), but is otherwise exempt from the formal
valuation and minority approval requirements of MI 61-101. The
offering is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals, including the
final approval of the TSX Venture Exchange. About Catch the Wind
Ltd. Catch the Wind Ltd. is a technology company that develops and
commercializes forward looking laser wind sensors and control
systems primarily for the wind energy industry. The Company offers
retrofit products for existing wind farms, original equipment
manufacturers' development and integration programs, and
applications for wind assessment. Headquartered in Manassas,
Virginia, the company is focused on making renewable wind energy
more affordable and profitable. For more information, visit
www.catchthewindinc.com. Forward-Looking Information This news
release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements
involve risks, uncertainties and other factors that could cause
actual results, performance, prospects and opportunities to differ
materially from those expressed in such forward-looking statements.
Forward-looking statements in this news release, include, but are
not limited to, economic performance and future plans and
objectives of Catch the Wind. Any number of important factors could
cause actual results to differ materially from these
forward-looking statements as well as future results. Although
Catch the Wind believes that the assumptions and factors used in
making the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed timeframes or at all.
Catch the Wind disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. 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. table
border="0"trtdCatch the Wind Ltd. br/
Claudia Jaques br/ Vice President and
General Counsel br/
703-393-0754 br/ a
href="mailto:cjaques@catchthewindinc.com"cjaques@catchthewindinc.com/a
/td td /td td /td td /td td /td
td /td tdThe Equicom Groupbr/ Joe Racanellibr/ Investor
Relationsbr/ 416-815-0700 ext. 243br/ a
href="mailto:jracanelli@equicomgroup.com"jracanelli@equic/aa
href="mailto:jracanelli@equicomgroup.com"o/aa
href="mailto:jracanelli@equicomgroup.com"mgroup.com/a/td/tr/table
Copyright
Bluescout Technologies Ltd. (TSXV:CTW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bluescout Technologies Ltd. (TSXV:CTW)
Historical Stock Chart
From Jul 2023 to Jul 2024