NEW YORK, TORONTO, BROMONT, QC, Oct. 9 /CNW/ - SkyPower Corp.
("SkyPower"), a company affiliated with Lehman Brothers, announced today that
it has completed the private placement investment of $5,000,000, previously
announced on September 18, 2007, in AAER Inc. (TSX-V: AAE) ("AAER" or the
"Company"), Canada's only wind turbine manufacturer. The financing consisted
of an issuance of 14,285,714 units at a price of $0.35 per unit. Each unit
consists of one AAER common share and one common share purchase warrant. Each
common share purchase warrant is exercisable at any time before 5:00 pm
(Montreal time) on October 4, 2012 at a price of $0.45 per share. Securities
issued as part of this placement are subject to a four-month hold period.
SkyPower has acquired a 20.4% equity stake and the right to nominate for
election at the next annual meeting one representative to the board of
directors of the Company; the individual shall be a representative of Lehman
The proceeds of the offering will be used by AAER for license payments
for manufacturing equipment and patent licenses, capital expenditures and
SkyPower Corp. (www.skypower.com), a company affiliated with Lehman
Brothers, is Canada's leading independent renewable energy developer with
interests in over 70 wind and solar projects at various stages of development
across 12 provinces/states, representing more than 7,000 MW of potential
capacity. SkyPower also has over 1,000MW of wind energy under development in
India. SkyPower's strategy involves bringing a portfolio of renewable energy
projects from exploration phase through to construction and commercial
operation and is focused on being the largest owner and operator of renewable
energy parks across Canada. In June 2007, SkyPower became affiliated with
Lehman Brothers, the global investment bank.
AAER is a wind turbine manufacturer located in Bromont, Quebec that
manufactures and maintains high capacity 1 Megawatt or more wind turbines
principally for the North American market. Its strategy is to progressively
build its product's components to provide a high level of reliability and a
competitive pricing to its customers. AAER uses proven European technologies
to ensure the performance of its turbines in various wind conditions and
complex terrains. Its stock is listed on the TSX Venture Exchange (AAE).
Additional information is available on the Company's Website at www.aaer.ca.
For further information:
For further information: Robert Carillo, Co-Head Partnerships &
International Development, SkyPower Corp., (416) 979-4625