NaiKun Gains $35 M for Offshore Wind Project

NaiKun Wind Energy Group Inc. signed an engagement agreement with Cormark Securities Inc. for the sale of shares on a private placement basis for gross proceeds of $35,155,000. In addition, Cormark will have an option to increase the offering. NaiKun is proposing a five-phase 1,750-megawatt (MW) offshore wind energy project in Hecate Strait between Haida Gwaii (the Queen Charlotte Islands) and Prince Rupert in British Columbia. Construction of the first phase (320 MW) is expected to commence in 2009.
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