WATERLOO, ON, Dec. 14 /CNW/ - ARISE Technologies Corporation (TSX: APV
and Frankfurt: A3T) ("ARISE" or the "Company"), a leader in
high-performance, high-quality, cost-effective solar technology, today
announced the filing of a (final) fourth prospectus supplement to its
September 29, 2009 base shelf prospectus in connection with its
previously announced brokered offering of up to $15,000,000 of Units
plus a 15% over allotment option (the "Offering"). The Offering
consists of up to 78,947,368 Units which will be sold at a price of
$0.19 per Unit. Each Unit consists of one common share and one common
share purchase warrant. Each share purchase warrant will be exercisable
into one common share at an exercise price of $0.21 and will expire on
the second anniversary date of the closing date of the Offering unless
such date is accelerated in accordance with the terms of the share
purchase warrants. The expiry date of the share purchase warrants may
be accelerated if the closing trading price of the common shares on the
TSX exceeds $0.60 for twenty consecutive trading days. As of today's
date, ARISE entered into an agency agreement with NCP Northland Capital
Partners Inc. and Raymond James Ltd. to act as co-lead agents for the
Offering. The Offering is being conducted on a "best efforts" basis.
Closing of the Offering is subject to certain conditions, including but
not limited to, receipt of all necessary securities regulatory
approvals, including the approval of the Toronto Stock Exchange.
Closing of the Offering is expected to occur on or about December 20,
Assuming the Offering is fully subscribed, the proceeds of the Offering
will be used (i) to substantially fund the purchase of the equipment
for a third production line at ARISE's PV Cell production facility in
Germany; (ii) to repay the outstanding bridge loan of US$1,750,000; and
(iii) for general corporate purposes.
The Company has also received confirmation from Commerzbank AG that its
loan facilities with the bank have been extended until January 31, 2011
and that the deadline for the fulfillment of the conditions under the
Trust Agreement described in the (final) prospectus supplement has been
extended until January 17, 2011.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is a leader
in high-performance, high-quality, cost-effective solar technology.
The company operates through three divisions. The PV Cell Division
manufactures PV (photovoltaic) cells at its first manufacturing plant
opened in April 2008 in Bischofswerda, Germany. The division is
developing proprietary technology with a target of achieving a
step-by-step progression to a high-efficiency level of greater than
20%. The PV Silicon Division is using a proprietary method to produce
silicon at 7N+ high-purity (99.99999% purity) for PV cell applications,
based on a simplified chemical vapor deposition process. The division
is focusing on scaling up its process to provide ARISE with control
over its supply, costs and quality. The PV Systems Division has been
providing PV solutions for solar farms and rooftop installations since
1996 throughout North America. ARISE is planning to expand its systems
business in Ontario under the Ontario FIT (Feed-In Tariff) program.
The Company's shares are listed on the Toronto Stock Exchange under the
symbol APV and on the Frankfurt Open Market Exchange under the symbol
A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be
forward-looking. Such statements are based on management's current
expectations, estimations, and assumptions based on experience, trends,
and other factors that are subject to the significant risks and
uncertainties described in ARISE's regulatory filings. Please refer to
these. Such risks and uncertainties may include, but are not limited
to, the effects of general economic conditions, changing foreign
exchange rates, actions by government authorities, the requirement for
additional capital, risks associated with manufacturing, industry
supply levels, competitive pricing pressures and misjudgements in the
course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section
of the (final) prospectus supplement, ARISE's Annual Information Form
and under the headings Liquidity and Capital Resources and Risk and
Uncertainties in ARISE's year-end Management's Discussion and Analysis
which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not
place undue reliance on ARISE's forward-looking statements.
ARISE assumes no obligation to update any forward-looking statements or
to update the reasons why actual results could differ from those
reflected in the forward-looking statements.
SOURCE ARISE TECHNOLOGIES CORPORATION
For further information: For further information:
ARISE Technologies Corporation
65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8
Doug McCollam, Chief Financial Officer, (519) 772-5706
The Equicom Group
(416) 815-0700 x272