VANCOUVER, Jan. 25, 2010 /CNW/ - LGC Skyrota Wind Energy Corp. ("LGC Skyrota" "the Company") (TSX-V: LGS) announced today that it intends to complete a non-brokered private placement of up to 58,823,530 units at a price of $0.085 per unit for proceeds of up to $5,000,000. Each unit will consist of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of $0.125 per share for a period of two years from the date of closing. The units issued will be subject to a four-month hold period from the closing date.
The net proceeds of the private placement will be used for acquisitions and for working capital and general corporate purposes. Commissions shall be paid in connection with the private placement consisting of 8% cash and 8% brokers' warrants with an exercise price of $0.125 per share for a period of two years from the date of closing. Finder's Fees may be paid in connection with the private placement in accordance with TSX Venture Exchange policy. The above transaction will be subject to regulatory approval.
About LGC Skyrota Wind Energy Corp.
LGC Skyrota Wind Energy Corp. is a leader in the development and maintenance of clean-energy producing wind turbines. With operations based in Northern Ireland and executive offices located in Vancouver, B.C., the Company is well-positioned to expand throughout Europe and enter the North American market. The Company operates two business divisions: LGC, which rebuilds gearboxes for large wind turbines, and Skyrota, which manufactures a revolutionary 5kW small vertical-axis wind turbine. LGC Skyrota trades on the TSX Venture Exchange under the symbol LGS. For more information, please visit www.lgcskyrota.com.
Forward Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. A complete discussion of risk factors is available in the Company's prospectus available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LGC SKYROTA WIND ENERGY CORP.
For further information: For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy Corp., Telephone: (604) 605-1635, firstname.lastname@example.org