/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S.
NEWS WIRE SERVICES/
WATERLOO, ON, Oct. 15 /CNW/ - ARISE Technologies Corporation ("ARISE" or
the "Company") (TSX-V: APV) (ADAX: A3T) is pleased to announce the successful
completion of its previously announced bought deal short form prospectus
financing (the "Offering") with a syndicate of underwriters led by Canaccord
Adams and Clarus Securities Inc., and including CIBC World Markets Inc., D&D
Securities Company, Dundee Securities Corporation and Loewen, Ondaatje,
McCutcheon Limited (collectively, the "Underwriters"). Pursuant to the
Offering the Underwriters have purchased a total of 24,642,890 common shares
(the "Common Shares") at a price of $1.40 per Common Share (the "Offer Price")
for aggregate gross proceeds to ARISE of $34,500,046 (the "Offering"). The
completion of the Offering included the exercise, in full, by the Underwriters
of an over-allotment option to purchase an additional 3,214,290 common shares.
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.
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) 772-5707,