Catch the Wind says it plans to raise about C$10 million through a brokered private placement offering of shares or units of the company.
Each share will be priced at C$0.34. Each unit will consist of one share priced at C$.39 and one-half common share purchase warrant. Each full-share warrant will entitle the holder to purchase one additional common share of the company at an exercise price of C$0.55 for a period of up to two years from the closing date of the private placement.
The company says it will use the proceeds for production optimization of its Vindicator laser wind sensor, sales, marketing and customer trials, as well as for general working capital purposes.
Jacob Securities has been retained as lead agent.
The offering is expected to close on or about Nov. 24, 2010.
SOURCE: Catch the Wind
