- Solar power systems integrator and producer will use funds to grow
its business in Europe and other markets, including North America
TORONTO, Nov. 28 /CNW/ - SonnenEnergy Corp. (TSXV: PWR) (SonnenEnergy),
an established photovoltaic solar power systems integrator and solar power
producer, today announced that it has closed its public offering following the
receipt of the final tranche of funds from investors in the United States and
the issuance of the Final Exchange Bulletin by the TSX Venture Exchange. Thus,
as of Thursday November 29, 2007, the company will have completed its
Qualifying Transaction and will no longer be a Capital Pool Company.
SonnenEnergy reported that, with the receipt of these funds (which had
been delayed by the Thanksgiving holiday in the U.S.), its public offering
resulted in the issuance of a total of 23,771,400 million Units in the capital
of SonnenEnergy at $0.50 per Unit, raising gross proceeds of
$11,885,700 million. Each SonnenEnergy Unit consists of one common share of
SonnenEnergy and a warrant to acquire one SonnenEnergy Share at a price of
$0.80 during the 18-month period following the closing of this offering. M
Partners Inc. acted as lead agent for the offering. SonnenEnergy has granted M
Partners broker warrants to purchase up to 1,782,855 SonnenEnergy Units at
$0.50 per Unit for a period of up to one year.
As previously announced, SonnenEnergy, concurrent with the public
offering, also completed its qualifying transaction pursuant to the policies
of the TSX Venture Exchange Inc. with the acquisition of the shareholding
interests in the capital of SonnenEnergie GmbH, headquartered in Polling,
Germany. SonnenEnergy issued 27,500,000 shares from its treasury (at a deemed
price of $0.40 per SonnenEnergy share) in exchange for all of the
SonnenEnergie GmbH interests, placing a value on the transaction of
SonnenEnergy now has 55,021,400 common shares issued and outstanding
(90,296,400 on a fully diluted basis). There are 29,761,000 of SonnenEnergy's
common shares (representing 54.1 percent of the total outstanding) held under
an 18-month escrow with SonnenEnergy's escrow and transfer agent pursuant to a
National Policy 46-201 Escrow for Initial Public Offerings escrow agreement
and they will be released in four equal installments in six-month intervals
starting on November 29, 2007.
SonnenEnergy is the first German-based company to be listed on a Canadian
stock exchange and its trading symbol on the TSX Venture Exchange has changed
SonnenEnergy will use the net proceeds from the Unit offering primarily
to plan and build additional solar parks for its own use and for commercial
sale, as well as for funding its expansion into new markets, further research
and development, sales and marketing, and other working capital purposes.
SonnenEnergy Corp. is a solar power systems integrator and solar power
producer. The company markets, sells, designs, installs, operates, and
maintains grid-connected solar power systems and has installed more than 100
photovoltaic (PV) solar power commercial and residential systems since 2004.
Its European operations are headquartered in Polling, Germany and it operates
four solar parks in southern Germany (three that it built and maintains for
commercial customers and one that it operates for its own account) which have
total installed capacity of more than 4,000 kWp.
Forward-looking statements in this news release are based on current
expectations that are subject to significant risks and uncertainties. Actual
results might differ materially due to various risks and uncertainties as
described in the company's amended and restated preliminary prospectus
available at www.sedar.com. Such risks and uncertainties include, but are not
limited to, the retention of key personnel, its dependence on suppliers for
components for the systems that it designs and installs, the availability of
silicon, its ability to expand sales, technology changes, unexpected warranty
expenses or service claims, and its ability to meet its clients' expectations.
SonnenEnergy assumes no obligation to update any forward-looking statement or
to update the reasons why actual results could differ from such statements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this press release.
For further information:
For further information: Investor and Media Relations: Richard Wertheim,
Managing Partner, Wertheim + Company Inc., (416) 594-1600 (Bus.), (416)
518-8479 (Cell), Email: email@example.com; or, Jeffrey Dennis, Chairman,
SonnenEnergy Corp., (416) 540-2596, Email: firstname.lastname@example.org