California-based Greenbriar Capital Corp. has initiated a private placement in hopes of raising $6 million.
The company says it plans to use the funds to complete all of the remaining development milestones needed for financial close for both the 80 MW Blue Mountain Utah wind energy facility, currently under construction in Utah, and the 100 MW Puerto Rico solar facility. In addition, Greenbriar says it will use funds for new accretive power acquisitions and additional land holdings, as well as for repayment to Alterra Power Corp. of a $1.25 million power purchase acquisition facility, of which $250,000 has already been repaid.
The non-brokered private placement will be for 2.5 million units at a price of $2.50 per unit. Each unit is comprised of one common share and one half of one share purchase warrant.Â Each whole warrant entitles the holder to acquire one additional common share in the capital of the company at a price of $3.00 per whole warrant for a period of 24 months from the date the warrants are issued, Greenbriar adds.
The placement will occur in tranches of between $250,000 to $2 million.