MANASSAS, VA, June 29, 2011 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW),
providers of laser-based wind sensor products and technology, announced
today that it has filed a final short form prospectus with regulatory
authorities in Ontario, Alberta, and British Columbia, in connection
with a best efforts offering of units and common shares of the Company.
The offering will be any combination of: (i) a minimum of up to
37,500,000 units of the Company at a price of $0.40 per unit and/or a
minimum of up to 42,857,142 common shares in the capital of the Company
at a price of $0.35 per offered share; and up to (ii) a maximum of up
to 75,000,000 units at the unit offering price and/or a maximum of up
to 85,714,285 offered shares at the share offering price, for minimum
total gross proceeds of $15,000,000 and maximum total gross proceeds of
$30,000,000. The total number of units and common shares to be issued
will not be determined until the closing of the offering.
The offering is expected to close on or about July 8, 2011.
Each unit consists of one common share and one-half of one common share
purchase warrant of the Company. Each whole warrant will entitle the
holder thereof to purchase one common share of the Company at a price
of $0.60 per share at any time before 5:00 p.m. (Toronto time) on the
date that is two years following the closing date.
The offering will be led by Jacob Securities Inc. (the "Agent"). The
Company has granted the Agent an over-allotment option to purchase up
to an additional 15% of the number of units and common shares to be
issued pursuant to the offering on the same terms and conditions as the
offering, exercisable in whole or in part for a period of up to 30 days
following the closing of the offering. The Agent will receive a cash
fee equal to 6% of the gross proceeds raised through the offering and
the over-allotment option. In addition, subject to the successful
completion of the offering, the Company will grant the Agent
compensation options (the "Compensation Options") exercisable for a
period of 24 months following the closing of the offering to purchase
up to that number of units and common shares as is equal to 6% of the
aggregate number units and common shares sold pursuant to the offering
(including upon the exercise of the over-allotment option) at an
exercise price per unit equal to the unit offering price and an
exercise price per share equal to the share offering price.
The offering is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals, including the approval of
the TSX Venture Exchange and securities regulatory authorities.
A copy of the final prospectus will be available under the Company's
profile on SEDAR at www.sedar.com.
This press release is not an offer to sell or the solicitation of an
offer to buy the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to qualification or
registration under the securities laws of such jurisdiction. The
securities being offered have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States or to,
or for the account or benefit of, U.S. persons absent registration or
an applicable exemption from U.S. registration requirements.
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® 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 www.catchthewindinc.com.
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.
SOURCE Catch the Wind Ltd.
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