Project Development, Wind Power

Helix Wind Closes US $5M Private Offering

Small wind firm Helix Wind Corp. has closed its private offering. Starting in February 2009 and ending last week, the company issued an aggregate total of US $5.1 million in 9% convertible notes and 11.9 million warrants to purchase 11.9 million shares of common stock. Included in the issuance total is $2.2 million of Helix Wind exchange notes from the company’s February 2009 reverse merger transaction.

The funds from the offering will be used to meet general working capital needs through the end of the year, as Helix Wind intends to proceed with a larger institutional round of financing by year end to finance its growth plan through acquisitions.

“Raising this capital is a critical step in developing and growing our business. With this funding in place, the entire Helix Wind team is looking forward to executing on the operational aspects of our business plan and bringing the benefits of small-wind power generation to our customers,” said Ian Gardner, Helix Wind’s CEO.