Virginia, United States [RenewableEnergyWorld.com] Catch the Wind Ltd. today announced that it has completed a private placement of 2,576,000 units, each at a price of CAN $2.00, generating gross proceeds of $5.15 million.
Each unit includes one common share of the company and one common share purchase warrant. Each whole warrant entitles the holder to purchase one half of one common share of the company at an exercise price of $2.20 per whole share at any time within 24 months from the closing of the offering. The net proceeds of the offering will be used for further development, production and sales of Catch the Wind’s product lines and for general corporate purposes.
National Bank Financial Inc., Dundee Securities Corporation and Mackie Research Capital Corporation served as agents for the private placement and received a commission of 6.0% of the gross proceeds raised under the offering.
As part of the offering, the agents collectively subscribed for an aggregate of 150,000 Units of the company based on a price per unit of $2.00, each having the same terms and conditions as those issued to purchasers under the offering.