Bluescout Technologies Ltd. (TSXV:CTW)
Historical Stock Chart
From Jul 2019 to Jul 2024
MANASSAS, VA, Nov. 29 /CNW/ --
Not for Distribution to United States Newswire Services or for
Dissemination in the United States
MANASSAS, VA, Nov. 29 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW),
providers of feed-forward, intelligent utility scale wind turbine
performance improvement systems, today announced that it has closed a
private placement offering of 17,316,359 units and 5,665,588 common
shares of the company for aggregate gross proceeds of CDN $8,679,680.
Each unit was priced at CDN $0.39, consisting of one common share and
one common share purchase warrant. Each whole warrant entitles the
holder to purchase, subject to adjustment in accordance with its terms,
one half of one common share of the Company at an exercise price of CDN
$0.55 per whole share at any time within 24 months from the closing of
the offering. Each common share sold separately from units was priced
at CDN $0.34.
Jacob Securities Inc. acted as lead agent for the private placement.
Other syndicate members were Raymond James Ltd. and Mackie Research
Capital Corporation. The agents for the private placement received a
commission of: (a) 6% of the aggregate gross proceeds raised under the
brokered portion of the offering; and (b) compensation options
entitling the agents to acquire, in the aggregate, 6% of the respective
number of common shares and units issued to subscribers under the
brokered portion of the offering, with the compensation options
exercisable into one common share at a price of CDN $0.34 per share,
and one unit at a price of CDN $0.39 per unit, as applicable. The
compensation options will be exercisable for a period of 24 months from
the closing of the offering. Each unit will be comprised of one common
share and one common share purchase warrant. Each whole warrant
entitles the holder to purchase, subject to adjustment in accordance
with its terms, one half of one common share of the Company at an
exercise price of CDN $0.55 per whole share at any time within 24
months from the closing of the offering.
The Company may elect to close a second tranche of the offering within
the next 10 days.
Pursuant to applicable Canadian securities laws, the securities issued
under the offering to the subscribers and the agents, including
securities issued on conversion of securities issued under the
offering, will be subject to a four-month hold period from the closing
of the offering.
The net proceeds of the offering will be used for production
optimization of the Company's Vindicator® Laser Wind Sensor, sales,
marketing and customer trials, and for general working capital
purposes.
Various Hunter Hall entities, which collectively have beneficial
ownership of, or control or direction over, directly or indirectly,
common shares of the Company carrying more than 10% of the outstanding
common shares of the Company, purchased an aggregate of 8,974,359
common shares under the offering, representing approximately 39% of the
total number of common shares issued under the offering (including
common shares forming part of units). Following completion of the
offering, the Company believes that these parties will collectively
have beneficial ownership of, or control or direction over, 22,649,359
common shares of the Company, which represents 28.14% of the total
number of outstanding shares of the Company post-offering.
In addition, Philip Rogers and Alisa Rogers, who jointly have beneficial
ownership of, or control or direction over, directly or indirectly,
common shares of the Company carrying more than 10% of the outstanding
common shares of the Company, purchased an aggregate of 1,470,588
common shares under the offering (which represented the non-brokered
portion of the offering), representing approximately 6.4% of the total
number of common shares issued under the offering (including common
shares forming part of units). Following completion of the offering,
the Company believes that these parties will collectively have
beneficial ownership of, or control or direction over, 26,470,588
common shares of the Company, which represents 32.89% of the total
number of outstanding shares of the Company post-offering.
The participation of these parties in the offering constitutes a related
party transaction under Canadian Multilateral Instrument 61-101 ("MI
61-101"), but is otherwise exempt from the formal valuation and
minority approval requirements of MI 61-101.
The offering is subject to certain conditions including, but not limited
to, the receipt of all necessary approvals, including the final
approval of the TSX Venture Exchange.
About Catch the Wind Ltd.
Catch the Wind Ltd. is a technology company that develops and
commercializes forward looking laser wind sensors and control systems
primarily for the wind energy industry. The Company offers retrofit
products for existing wind farms, original equipment manufacturers'
development and integration programs, and applications for wind
assessment. Headquartered in Manassas, Virginia, the company is focused
on making renewable wind energy more affordable and profitable. For
more information, visit www.catchthewindinc.com.
Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to,
economic performance and future plans and objectives of Catch the Wind.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results. Although Catch the Wind believes that the assumptions and
factors used in making the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only
apply as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed timeframes or at
all. Catch the Wind disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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.
table border="0"trtdCatch the Wind Ltd. br/ Claudia Jaques br/ Vice President and General Counsel br/ 703-393-0754 br/ a href="mailto:cjaques@catchthewindinc.com"cjaques@catchthewindinc.com/a /td td /td td /td td /td td /td td /td tdThe Equicom Groupbr/ Joe Racanellibr/ Investor Relationsbr/ 416-815-0700 ext. 243br/ a href="mailto:jracanelli@equicomgroup.com"jracanelli@equic/aa href="mailto:jracanelli@equicomgroup.com"o/aa href="mailto:jracanelli@equicomgroup.com"mgroup.com/a/td/tr/table