Manassas, Va.-based Catch the Wind Ltd. has released an update to the proposed private placement offering that was announced in February. The private placement is under an agreement between the company and a syndicate of agents led by National Bank Financial and Dundee Securities Corp. and Mackie Research Capital.
Under the terms of the offering, the agents will sell – on a best-efforts, private-placement basis – units of the company priced at C$2 per unit. The private-placement offering is expected to generate minimum gross proceeds of C$5 million.
Each unit will comprise one common share of the company and one common share purchase warrant. Each whole warrant will entitle the holder to purchase, subject to adjustment in accordance with its terms, one half of one common share of the company at an exercise price of C$2.20 per share at any time within 24 months following the closing of the offering.
The offering is expected to close on or about April 20. The net proceeds of the offering will be used for further development, production and sales of the company's product lines, and for general corporate purposes.
SOURCE: Catch the Wind Ltd.