Manassas, Va.-based Catch the Wind Ltd. (CTW) has entered into an agreement with a syndicate of agents led by National Bank Financial Inc., Research Capital Corp. and Canaccord Capital Inc. to sell a minimum of C$15 million in common shares of the company. The common shares will be offered via private placement on an agency basis at a price of C$1.30.
The net proceeds of the offering will be used to further develop the efficient manufacture of the company's Vindicator Laser Wind Sensor and other laser-based wind sensors. The net proceeds will also be used for general working capital purposes.
The offering, which is subject to all necessary regulatory approvals, is expected to close on or around May 20.
SOURCE: Catch the Wind Ltd.