Vancouver, B.C.-headquartered NaiKun Wind Group Inc., developer of the proposed 1,750 MW wind project off the coast of British Columbia, has signed an engagement agreement with Cormark Securities Inc. for the sale of 9 million common and 1.3 million flow-through shares of NaiKun on a private-placement basis. Gross proceeds of C$35,155,000 are expected, and Cormark will have an option to increase the offering by 1.5 million common shares.
The offering will be led by Cormark, with participation by Canaccord Adams and Northern Securities Inc.
‘These resources will provide us the flexibility to increase our financial participation in the projects we are developing as well as improve our ability to secure critical supply components,’ says Michael Burns, NaiKun Wind Energy Group chair and CEO.
NaiKun says it plans to begin construction of the first 320 MW of the offshore wind farm in 2009.