NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S.
NEWS WIRE SERVICES.
WATERLOO, ON, Dec. 20 /CNW/ - ARISE Technologies Corporation (TSX: APV
and Frankfurt: A3T), a leader in high-performance, high-quality,
cost-effective solar technology, today announced the first closing of
its previously announced brokered offering (the "Offering") for
aggregate gross proceeds of $12,400,000. The Offering consisted of the
sale of 65,222,996 Units at a per Unit price of $0.19 per Unit. Each
Unit consists of one common share and one common share purchase
warrant. Each share purchase warrant is 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 exceeds
$0.60 for twenty consecutive trading days. NCP Northland Capital
Partners Inc. and Raymond James Ltd. acted as co-lead agents for the
Offering. The Company and the co-lead agents expect to complete a
second closing in respect of approximately $110,000 on or before
December 23, 2010.
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.
ARISE has applied to list the share purchase warrants on the TSX. Such
listing is conditional on ARISE meeting certain conditions which it
believes will be met shortly.
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 our 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 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