TORONTO, Oct. 19 /CNW/ - SonnenEnergy Corp. (TSXV: PWR.P) (SonnenEnergy),
a Capital Pool Company, today announced that it has filed an amended and
restated preliminary prospectus with the securities regulatory authorities in
Alberta, British Columbia, and Ontario for the offering of a minimum
12 million Units and a maximum 24 million Units in the capital of SonnenEnergy
at a price of $0.50 per Unit to raise gross proceeds of a minimum of
$6 million and a maximum of $12 million.
Each SonnenEnergy Unit will consist of one common share of SonnenEnergy
and a warrant to acquire one SonnenEnergy Share at a price of $0.80 during the
18-month period following the date of closing of the offering.
M Partners Inc. is acting as lead agent for the offering on a
Concurrent with the offering, SonnenEnergy, currently a Capital Pool
Company with no operating business, will complete its previously announced
planned acquisition of all of the shareholding interests in the capital of
SonnenEnergie GmbH, headquartered in Polling, Germany. This acquisition will
constitute SonnenEnergy's capital pool qualifying transaction pursuant to the
policies of the TSX Venture Exchange Inc. Completion of the acquisition is
conditional on obtaining all necessary regulatory approvals, and satisfying
other conditions that are typical for a share exchange transaction of this
Following completion of the acquisition, SonnenEnergy Corp. will be an
established photovoltaic solar power systems integrator and producer.
SonnenEnergy will use the net proceeds from the Unit offering primarily
to plan and build additional solar parks for its own use and for commercial
sale, as well as for funding its expansion into new markets, further research
and development, sales and marketing, and other working capital purposes.
The completion of acquisition of SonnenEnergie GmbH by SonnenEnergy will
be a milestone development for Canada's capital markets as it will be the
first time that a German-based company has listed on a Canadian stock
Following completion of the acquisition of SonnenEnergie GmbH,
SonnenEnergy Corp. will be a company that markets, sells, designs, installs,
operates, and maintains grid-connected solar power systems and that has
installed more than 100 photovoltaic (PV) solar power commercial and
residential systems since 2004. SonnenEnergie GmbH, founded in 2004, is
headquartered in Polling, Germany. It currently operates four solar parks in
southern Germany (three that it built and maintains for commercial customers
and one that it operates for its own account) which have total installed
capacity of more than 4,000 kWp.
Forward-looking statements in this news release are based on current
expectations that are subject to significant risks and uncertainties. Actual
results might differ materially due to various risks and uncertainties as
described in the company's amended and restated preliminary prospectus
available at www.sedar.com. Such risks and uncertainties include, but are not
limited to, the retention of key personnel, its dependence on suppliers for
components for the systems that it designs and installs, the availability of
silicon, its ability to expand sales, technology changes, unexpected warranty
expenses or service claims, and its ability to meet its clients' expectations.
SonnenEnergy assumes no obligation to update any forward-looking statement or
to update the reasons why actual results could differ from such statements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this press release.
For further information:
For further information: Investor and Media Relations: Richard Wertheim,
Managing Partner, Wertheim + Company Inc., (416) 594-1600 (Bus.), (416)
518-8479 (Cell), Email: firstname.lastname@example.org or Jeffrey Dennis, Chairman,
SonnenEnergy Corp., (416) 540-2596, Email: email@example.com