Carmanah: $3-million private placement

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Victoria, British Columbia (FSCwire) - Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”)  plans to conduct a non-brokered private placement of 12 million common shares in the capital of Carmanah, representing approximately 7.6 per cent of the outstanding common shares of the company, at a price of 25 cents per share for gross proceeds of $3-million.

All of the shares issued under the private placement are expected to be purchased by James Meekison and Terry Holland, both of whom are insiders of the company. Additional details are as follows:

    JDM Investment Holdings Inc. intends to subscribe for 10 million shares under the private placement. JDM Investment Holdings is beneficially owned by Mr. Meekison, who serves on the board of directors of the company. JDM Investment Holdings currently holds 13,178,000 common shares, representing approximately 8.3 per cent of Carmanah's issued and outstanding common shares. Assuming Mr. Meekison acquires 10 million shares under the private placement and that 12 million shares are issued as part of the private placement, immediately following the closing of the private placement, Mr. Meekison will hold 23,178,000 common shares, representing approximately 13.6 per cent of Carmanah's issued and outstanding common shares.
    TMH Capital Corp. intends to subscribe for two million shares under the private placement. TMH Capital is beneficially owned by Mr. Holland, who serves on the board of directors of the company. TMH Capital currently holds 2,679,000 common shares, representing approximately 1.7 per cent of Carmanah's issued and outstanding common shares. Assuming Mr. Holland acquires two million shares under the private placement and that 12 million shares are issued as part of the private placement, immediately following the closing of the private placement, Mr. Holland will hold 4,679,000 common shares, representing approximately 2.75 per cent of Carmanah's issued and outstanding common shares.

The net proceeds from the private placement will be used for general corporate purpose, specifically to provide working capital.

The private placement is subject to regulatory approval. In addition, under the rules of the Toronto Stock Exchange, Carmanah is required to seek shareholder approval for the private placement because the number of shares being issued to insiders of Carmanah, when combined with securities previously issued to insiders in private placements over the last six months, is greater than 10 per cent of the number of Carmanah shares outstanding at the beginning of that period. Pursuant to Subsection 602 (g) of the Toronto Stock Exchange company manual, Carmanah is seeking written consent of shareholders holding more than 50 per cent of its issued and outstanding shares (excluding shares beneficially owned by insiders who are participating in this financing) to satisfy this requirement. Therefore, the votes attached to a total of 15,857,000 common shares (representing approximately 10.0 per cent of the outstanding common shares) beneficially owned by Mr. Meekison and Mr. Holland will not be counted for purposes of the shareholder vote.

About Carmanah Technologies Corporation

As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective solar products for roadway, marine, airfield, traffic and obstruction applications worldwide. With products proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights, signaling and solar power systems provide durable, dependable and cost effective alternatives. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit www.carmanah.com.


Contact:
Carmanah Technologies Corporation:
Stuart Williams, (250) 380-0052
Chief Financial Officer/Corporate Secretary
stuart.williams@carmanah.com
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