TORONTO, May 3 /CNW/ - China Wind Power International Corp. (TSX-V: CNW) ("China Wind" or the "Company") is pleased to announce a non-brokered private placement offering for aggregate gross proceeds of up to $5 million at a price of $1.05 per share (the "Offering"). No Insiders of the Issuer are expected to subscribe or obtain securities under the Offering. The Offering is expected to close on May 10, 2010. Proceeds from the Offering will be used for working capital and general corporate purposes, including the operating costs of the Company's Canadian office.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that is uniquely positioned to capitalize on the growing demand for wind power in China. The Company indirectly holds the exclusive rights for wind energy development in Du Mon County, Heilongjiang Province, which has a demonstrated potential installed capacity of 1,150 MW of wind energy developable over an area of 612 square km. While 1,150 MW represents the Company's long-term potential for wind power in the area, its current plans are for building out 546 MW over five development phases. The Company's common shares are listed on the TSX Venture Exchange under the symbol CNW. The Company has approximately 57.3 million shares outstanding.
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Certain statements that are not historical facts made in this press release may be forward looking statements subject to risks and uncertainties. Statements containing words such as "will", "could", "expect", "may", "anticipate", "believe", "intend", "estimate", "plan" and other similar expressions are forward-looking statements that represent management's beliefs at the time the statements are made and are based on certain factors and assumptions including wind farm construction and commercial production schedule, output and capacity, revenue and earnings expectations and market potential. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties involving the availability of financing; fluctuations in currency exchange rates; uncertainties relating to economic and market conditions; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to develop the projects and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the information circular dated May 29, 2009 relating to the Company's reverse take-over with Berkshire Griffin Inc., which is available at www.sedar.com under the Company's profile. Except as required by applicable securities laws, the Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made.
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 CHINA WIND POWER INTERNATIONAL CORP.
For further information: For further information: Wendell Zhang, Chief Financial Officer, China Wind Power International Corp., Tel: (416) 916-4205, Email: firstname.lastname@example.org; Trevor Heisler, Investor Relations, The Equicom Group Inc., Tel: (416) 815-0700 ext 270, Email: email@example.com