By Devika Patel
Knoxville, Tenn., Sept. 18 - AAER Inc. said it plans to complete a second tranche of its previously announced C$8 million private placement of units, raising an additional C$549,850.
In the second tranche, AAER will sell 1,571,000 units at C$0.35 apiece. Each unit will comprise one common share and one warrant. Each warrant is exercisable at C$0.60 for five years.
Closing is expected on or around Sept. 20. The deal priced on July 23.
As previously reported, the company plans to sell up to 22,857,143 units in total and will raise at least C$5 million. The first tranche consisted of 5,796,857 units for C$2.03 million.
Canaccord Capital Corp. is the agent for most of the offering, including this tranche. Some of the deal also may be non-brokered.
Proceeds will be used for general corporate purposes, acquisition of moveable assets and working capital.
AAER is a wind-turbine manufacturer in Bromont, Quebec.
| Issuer: | AAER Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$8 million (total maximum); C$5 million (total minimum); C$2.03 million (first tranche); C$549,850 (second tranche)
|
| Units: | 22,857,143 (total maximum); 5,796,857 (first tranche); 1,571,000 (second tranche)
|
| Price: | C$0.35
|
| Warrants: | One per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.60
|
| Agent: | Canaccord Capital Corp. for part; non-brokered for part
|
| Pricing date: | July 23
|
| Stock symbol: | TSX Venture: AAE
|
| Stock price: | C$0.37 at close July 23
|
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