Virginia, United States [RenewableEnergyWorld.com] Catch the Wind Ltd., developer and manufacturer of the Vindicator laser wind sensor (LWS) products, has completed a private placement of 16,743,000 common shares each at a price of CDN $1.30, generating gross proceeds of CDN $21.8 million.
National Bank Financial Inc., Research Capital Corporation and Canaccord Capital Corporation served as agents for the private placement, and received a commission of 6.0% of the gross proceeds of the offering (other than in respect of shares purchased by insiders) in cash, being approximately CDN $1.3 million.
All securities issued under the private placement, including the compensation options granted to the agents, will be subject to a four month hold period commencing on the closing date of the private placement.
The net proceeds of the private placement, approximately $20.3 million, will be used to further develop the efficient manufacture of Catch The Wind’s Vindicator LWS and other laser-based sensor products. The net proceeds will also be used for general working capital purposes.