VANCOUVER, March 5, 2010 /CNW/ - LGC Skyrota Wind Energy Corp. ("LGC Skyrota" "the Company") (TSX-V: LGS) today announced that the original March 1, 2010, closing date of its previously announced non-brokered private placement has been extended. The new closing date has not yet been determined.
The Company is currently reviewing potential acquisitions, licensing arrangements and Original Equipment Manufacturer agreements that would increase its revenue.
LGC Skyrota seeks to raise up to $5 million through the non-brokered private placement, which offers up to 58,823,530 units at a price of $0.085 per unit. Each unit will consist of one common share and one-half of a common share purchase warrant at a price of $0.125 per share for a period of two years from the date of closing.
On March 1, 2010, LGC Skyrota filed its first quarter results for fiscal 2010. The Management Discussion and Analysis, consolidated financial statements and accompanying notes can be found on SEDAR at www.sedar.com or on the Company's website at www.lgcskyrota.com.
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, email@example.com