Catch the Wind Ltd., developer and manufacturer of the Vindicator Laser Wind Sensor (LWS) and other sensor products, has completed a private placement of 16,743,000 common shares, each at a price of C$1.30, generating gross proceeds of C$21.8 million.
National Bank Financial Inc., Research Capital Corp. and Canaccord Capital Corp. served as agents for the private placement and received a commission of 6% of the gross proceeds of the offering.
The net proceeds of the private placement – approximately C$20.3 million – will be used to further develop the efficient manufacture of the company's Vindicator LWS and other laser-based sensor products. The net proceeds will also be used for general working capital purposes.
SOURCE: Catch the Wind Ltd.