13.12.2005: Meldung: Carmanah Technologies Corporation closes Private Placement Financing
Pursuant to the terms of the private placement, Carmanah has issued 3,125,000 common shares at a price of $3.20 per common share, plus 1,562,500 common shares issued pursuant to the exercise of the Underwriters" option on identical terms. The total private placement therefore comprised of 4,687,500 common shares issued for gross proceeds of $15,000,000. In connection with the Private Placement, the Underwriters were paid an aggregate cash commission equal to 6% of the gross proceeds of the Private Placement.
Net proceeds from this offering will be used by Carmanah to:
- support the Company"s expansion of facilities in Victoria, BC, Calgary, AB, Santa Cruz, CA and London, England;
- pursue synergistic acquisition opportunities that will add to the Company"s leadership position within the solar, solar/LED and LED markets with finished integrated products; and
- increase the Company"s working capital.
The common shares are subject to a four-month hold period commencing from the date of closing.
The common shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a US person, absent registration or an applicable exemption there from. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
For further information, please contact:
Mr. Mark Komonoski, Director
Telephone: (403) 861-8384