Composite Technology Corp. (CTC) has sold shares of its common stock to Credit Suisse Securities Ltd. Prior to the transaction, Credit Suisse owned 4% of the outstanding shares of CTC. The sale resulted in net proceeds to CTC of $10 million, and an option until June 30 to invest an additional $40 million.
Under the terms of the financing, CTC sold 13.3 million shares of common stock for $10 million. Under the option, Credit Suisse may acquire up to an additional 45.5 million shares for $40 million.
‘We are pleased that Credit Suisse has increased its equity stake in CTC,’ says Benton Wilcoxon, CEO of CTC. ‘This permits CTC to continue its commitment to its high-value energy-efficient ACCC conductor products for transmission lines and its innovative renewable energy DeWind turbine products. We believe that this growth capital will assist CTC in expanding our conductor business and supporting the sales of its D8.2 turbine.’
SOURCE: Composite Technology Corp.