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Carmanah Closes $5.75-Million Private Placement
Carmanah Closes $5.75-Million Private Placement
Published 02-24-04
Submitted by Carmanah Technologies
"The speed at which this financing was closed, and the fact that it was oversubscribed by the maximum allowable 15%, are positive confirmation of the interest in Carmanah Technologies, our products and our vision", states Carmanah CEO, Art Aylesworth. "The management team at Carmanah is committed to investing in a significant presence in Europe, the United States and Southeast Asia while growing our market share in the company's core vertical markets. Building on our already strong balance sheet, this additional capital will enable us to keep pace with the expanding opportunities for our solar-powered LED technologies."
Pursuant to the financing, a total of 3,484,848 units were issued at a price of $1.65 per unit ("Unit"). Each Unit consists of one common share and one half (1/2) of one common share purchase warrant. Each full common share purchase warrant entitles the holder to acquire one additional common share at an exercise price of $2.15 per share for a period of 18 months from the date of closing of the financing.
Canaccord Capital Corporation acted as underwriter for the financing and received a cash commission of 7% of the gross proceeds of the financing and 348,484 agent's warrants (exercisable at a price of $2.15 per share for 18 months from the date of closing) as compensation. All securities issued pursuant to the private placement carry a four-month hold period. Completion of the private placement is subject to final approval from the TSX Venture Exchange.
About Carmanah
Carmanah is an award winning alternative energy manufacturer specializing in patented solar-powered LED lighting solutions for the marine, aviation, transit, roadway, railway and mining markets. The company currently has more than 80,000 units installed in 110 countries. The shares of Carmanah Technologies Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the symbol "QCX". For more information, please visit www.carmanah.com.
