Carmanah Technologies: Proceeds of CDN $1.2 Million
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VICTORIA, BRITISH COLUMBIA - Carmanah Technologies Corporation (CMH.TO) (the "Company" or "Carmanah"), announced it has received proceeds of approximately $1.2 million as a result of the exercise of approximately 240,000 previously issued broker warrants. The company intends to use the proceeds of the broker warrant exercises for general and working capital purposes.
The broker warrants were issued in connection with the Company's bought deal offering on April 28, 2015 and the subsequent over-allotment option on May 1, 2015, these warrants were set to expire on April 28, 2016 and May 1, 2016. The exercise price of the warrants was $5.00 per share. As of March 31, 2016 approximately 75% of the broker warrants have been exercised.
About Carmanah Technologies Corporation
Headquartered in Victoria, British Columbia, Carmanah produces a portfolio of products focused on energy optimized LED and solar technologies. We design, develop and distribute energy efficient LED solutions for infrastructure including: signaling systems for the marine aids to navigation, airfield ground lighting, offshore wind marking, aviation obstruction and traffic markets. Carmanah's product portfolio also includes industrial and commercial solar powered outdoor LED lighting systems, and solar on and off-grid power generation systems. Since 1996, we have earned a global reputation for delivering strong and effective products for industrial applications that perform reliably in some of the world's harshest environments. Our LED and solar power systems provide durable, dependable, efficient and cost-effective solutions which have been deployed in over 400,000 installations in 110 countries. The Carmanah brand portfolio includes Go Power! and recently acquired companies, Sol and Sabik.
Carmanah Technologies Corporation
Chief Financial Officer/Corporate Secretary