Halifax, Nova Scotia-based Shear Wind Inc. has closed a private placement with Spanish utility conglomerate Inveravante, resulting in Inveravante holding 62% of the common shares of Shear Wind.
The execution of a subscription agreement with Inveravante related to the private placement of approximately 96 million common shares of Shear Wind took place at a price of approximately C$0.28 per share.
‘The significant presence of Inveravante bolsters the future of Shear Wind's projects in the growing renewable energy markets in Nova Scotia and across Canada,’ says Mike Magnus, president and CEO of Shear Wind. ‘It further provides the ability to explore complementary opportunities to further expand wind energy projects.’
The private placement will help Shear Wind to develop the Glen Dhu Project in Nova Scotia.
SOURCE: Shear Wind Inc.