MANASSAS, VA, May 20 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW.S),
developer and manufacturer of the Vindicator(R) laser wind sensor (LWS) and
other sensor products, announced today that it has completed a private
placement of 16,743,000 common shares each at a price of CDN $1.30, generating
gross proceeds of CDN $21.8 million.
"The overwhelming interest we received from investors, particularly from
international institutions focused on the clean-tech sector, and the
successful close of the private placement that was priced at a premium to
market reaffirm our belief that the Vindicator LWS has enormous potential to
drive higher wind energy profits, improve turbine performance and reduce wind
farm operating costs," said Phil Rogers, President and CEO of Catch the Wind.
"The proceeds will be used to accelerate the next stage of our growth,
particularly as we complete our current field trials and expand our
A senior officer and a director of the Company also participated in the
private placement offering, purchasing a total of 25,000 common shares.
National Bank Financial Inc., Research Capital Corporation and Canaccord
Capital Corporation served as agents for the private placement, and received a
commission of 6.0% of the gross proceeds of the offering (other than in
respect of shares purchased by insiders) in cash, being approximately CDN $1.3
million. The agents also received 1,003,080 compensation options equal to 6.0%
of the common shares issued under the offering (other than in respect of
shares purchased by insiders). Each compensation option will entitle the
agents to purchase one common share of the Company at a price of CDN $1.30 for
a period of 24 months from today.
All securities issued under the private placement, including the
compensation options granted to the agents, will be subject to a four month
hold period commencing today.
The net proceeds of the private placement, approximately CDN $20.3
million, will be used to develop further the efficient manufacture of the
Company's Vindicator(R) LWS and other laser-based sensor products. The net
proceeds will also be used for general working capital purposes.
As a result of the private placement, Catch the Wind's total number of
shares outstanding is 54,789,784.
About Catch the Wind Ltd.
Catch the Wind Ltd. is a high-growth technology company headquartered in
Manassas, Virginia. The company was founded in 2008 to develop and manufacture
the Vindicator(R) laser wind sensor.
Catch the Wind serves the commercial market sector for laser based wind
sensor systems, recognized as the "gold standard" in wind measurement. The
company is focused on becoming a major contributor in making clean, renewable
wind energy more affordable and profitable. For more information, visit
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results, performance,
prospects and opportunities to differ materially from those expressed in such
forward-looking statements. Forward-looking statements in this news release,
include, but are not limited to, economic performance and future plans and
objectives of Catch the Wind. Any number of important factors could cause
actual results to differ materially from these forward-looking statements as
well as future results. Although Catch the Wind believes that the assumptions
and factors used in making the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only apply as
of the date of this news release, and no assurance can be given that such
events will occur in the disclosed timeframes or at all. Catch the Wind
disclaims any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Catch the Wind Ltd., Claudia Jaques, Vice
President and General Counsel, (703) 393-0754, email@example.com;
The Equicom Group, Joe Racanelli, Investor Relations, (416) 815-0700 ext. 243,