Ottawa-based Wind Works Power Corp. has signed an investment agreement with New York-based Kodiak Capital Group LLC for a $10 million equity line of credit. In conjunction therewith, Wind Works has filed a registration statement with the Securities and Exchange Commission (SEC) to register 10 million shares of common stock.
Wind Works will draw down on the credit facility, in amounts and timing at its sole discretion, and will issue common stock to Kodiak as the facility is utilized. The company will not be able to draw down the equity line of credit with Kodiak until the registration statement is declared effective by the SEC.
Wind Works plans to use the funding from the equity line of credit to further develop its project portfolio, consisting of equity interests held in 23 wind energy projects in Canada, the U.S. and Europe totaling 367 MW.
SOURCE: Wind Works Power Corp. Â