Greengate Power Corp. has completed the second tranche of private placement financing, raising aggregate gross proceeds of C$14.3 million. Greengate raised gross proceeds of C$5.8 million upon the completion of the first tranche of the offering in the fourth quarter of 2010.
The completion of this second tranche of the offering, along with a concurrent president's list offering, resulted in an additional C$8.5 million in gross proceeds to Greengate. The proceeds raised will be used to continue the development of Greengate's portfolio of wind energy projects.
The second tranche of the offering involved additional equity investments by Greengate's existing cleantech investors, NGEN Partners and SAM Private Equity, and an initial investment by a third cleantech investor, the Westly Group.
The offering was originally contemplated to total C$10.8 million, but as a result of strong investor interest, the size of the offering was increased by over 30%.
SOURCE: Greengate Power Corp.