CleanTech Innovations Completes $10 Million Equity Financing

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CleanTech Innovations, a U.S. company and solution provider to China's clean technology solutions in the wind and utilities industries, has completed a $10 million private placement of equity securities placed with institutional and other accredited investors.

CleanTech placed an aggregate of 3.33 million units at $3 per unit, with each unit consisting of one share of common stock plus a three-year warrant to purchase 0.15 shares of common stock at an exercise price of $3 per share. None of the securities issued in the offering were registered. The company has a total of 22.46 million shares of common stock issued and outstanding after this offering.

CleanTech intends to use the proceeds to expand its production capabilities in order to fill orders for wind towers from its customers, including China's national utility companies.

William Blair & Co. advised CleanTech with the financing. First Merger Capital Inc. acted as the co-lead placement agent in this offering. Aegis Capital Corp. acted as co-placement agent in this financing.

SOURCE: CleanTech Innovations

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