Catch The Wind Closes Private Placement Offering

Catch the Wind Ltd. has closed a private placement offering of approximately 17 million units and approximately 5 million common shares of the company for aggregate gross proceeds of C$8.6 million.

Each unit was priced at C$0.39, consisting of one common share and one common share purchase warrant. Each whole warrant entitles 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$0.55 per whole share at any time within 24 months from the closing of the offering. Each common share sold separately from units was priced at C$0.34.

The net proceeds of the offering will be used for production optimization of the company's Vindicator Laser Wind Sensor, sales, marketing and customer trials, and for general working capital purposes.

Jacob Securities Inc. acted as lead agent for the private placement. Other syndicate members were Raymond James Ltd. and Mackie Research Capital Corp.

The company may elect to close a second tranche of the offering within the next 10 days. Pursuant to applicable Canadian securities laws, the securities issued under the offering to the subscribers and the agents, including securities issued on conversion of securities issued under the offering, will be subject to a four-month hold period from the closing of the offering.

SOURCE: Catch the Wind Ltd.


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