CALGARY, May 16, 2012 /CNW/ - Genalta Power Inc. announced that they have structured a $44.15 million financing consisting of both unsecured convertible debentures and traditional debt.
"This is a significant step in a series of financings that will strengthen the capitalization of Genalta. This specific phase of the financing provides sufficient funds to build out the next phase of Genalta's growth with a portion specifically earmarked for expansion and advancing research technologies under development," said Graham Illingworth, CEO of Genalta Power. "Completing this round of the financing is a key step in funding our growth and will allow Genalta to pursue further project level financing options."
Genalta's strong growth and proven ability to advance the development and commercial viability of clean energy technology make it clear that the company is a good fit for the syndicate portfolios. The debenture series was subscribed to by multiple Canadian institutional funds and investment banks.
Genalta Power Inc. is a Canadian-based, clean electrical power-generating company that is leading the way in developing power solutions for industrial companies using our waste energy and customized power generating applications. As a client-oriented solutions provider, Genalta is able to capture waste energy from sources such as waste heat, pressure and gas, and to create cost-effective and environmentally responsible electricity. Genalta is focused on optimizing site efficiencies and new energy-transfer technologies in the one to twenty megawatt market.
About Genalta Power Inc.
Genalta Power is a privately held Canadian corporation in the business of developing proprietary technologies that will enhance the operating output and performance parameters of the projects that it percolates in by way of owning and operating independent power plants that produce and sell environmentally-friendly electricity from waste energy sources. Genalta capitalizes on opportunities in the independent power market by actively developing dependable, cost-effective and environmentally responsible power generation facilities. Genalta pursues a mix of waste heat recovery, waste fuel gas, and waste pressure projects. Genalta is developing projects in strategic regions of North America with an emphasis on the oil and gas industry. Visit www.genaltapower.com for more information.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking information" or "forward-looking statements" which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, such information uses such words as "estimates", "expects", "plans", "anticipates" and other similar terminology. This information reflects the Company's current expectations regarding future events, including the future funding timing and requirements and speaks only as of the date of this news release. Forward-looking information involves significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information. Although the forward-looking information in this news release is based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with this forward-looking information. This forward-looking information is provided as of the date of this news release, and, subject to applicable securities laws, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
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Genalta Power Inc.