Greengate Power Corp. has completed the first tranche of a C$10.8 million private placement financing, raising gross proceeds of C$5.8 million. The balance of the proceeds from the offering will be advanced to Greengate upon the completion of certain milestones.
The proceeds raised will be used to continue the development of the company's wind energy projects in Alberta. The offering involved the investment by NGEN Partners and SAM Private Equity, was led by Jacob Securities Inc. and included TD Securities Inc.
Steven E. Parry, a managing director at NGEN, has joined Greengate's board of directors. Company management intends to recommend that the board of directors be expanded to appoint Rhea Hamilton, an investment director at SAM.
SOURCE: Greengate Power Corp.