/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S.
NEWS WIRE SERVICES./
WATERLOO, ON, Sept. 24 /CNW/ - ARISE Technologies Corporation ("ARISE" or
the "Company") (TSX-V: APV) (ADAX: A3T) is pleased to announce that today it
has entered into an agreement to sell to a syndicate of underwriters led by
Canaccord Adams and Clarus Securities Inc., (the "Underwriters") on a bought
deal basis, 17,860,000 common shares (the "Common Shares") at a price of $1.40
per Common Share (the "Offer Price") for gross proceeds to ARISE of
$25,004,000 (the "Offering"). The Offering is expected to close on or about
October 15, 2007 and is subject to regulatory approval.
The Company has granted the Underwriters an over-allotment option (the
"Over-Allotment Option"), exercisable for a period of 30 days following the
closing of the Offering, to purchase up to an additional 15% of the number of
common shares issued pursuant to the Offering at the Offer Price.
The Company intends to use the net proceeds from the offering to secure
additional silicon wafers, to accelerate the Company's proprietary PV grade
silicon production program, to provide additional working capital for the
systems operation and for other general corporate purposes.
Closing of the Offering is subject to certain conditions, including but
not limited to, receipt of all necessary securities regulatory approvals,
including the approval of the TSX Venture Exchange.
This press release does not constitute an offer of the securities
described herein in any jurisdiction. The securities described herein have not
been and will not be registered under the United States Securities Act of
1933, as amended, or the securities laws of any state and may not be offered
or sold in the United States absent an exemption from registration.
ARISE Technologies is dedicated to accelerating the use of solar energy
in mainstream markets. The Company's shares are listed on the TSX Venture
Exchange under the symbol APV and on the Frankfurt open market exchange under
the symbol A3T. Additional information is available at www.arisetech.com and
www.sedar.com. Certain statements contained in this press release may be
considered as forward-looking. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from estimated or implied results. The TSX Venture Exchange has neither
approved nor disapproved the contents of this news release.
For further information:
For further information: ARISE Technologies Corporation, 65 Northland
Road, Waterloo, Ontario, Canada, N2V 1Y8, T: (519) 725-2244, F: (519)
725-8907, www.arisetech.com; Ian MacLellan, President and CEO, T: (519)