Deal sells 13.33 million units of common share and half-share warrant
By Devika Patel
Knoxville, Tenn., April 5 - QSolar Ltd. said it raised C$3.5 million in the third tranche of a C$10 million private placement of units with Centrium Enterprises Ltd. The deal priced March 13 and raised C$1 million on March 18 and C$2 million on March 28.
The company is selling 13,333,333 units of one common share and one half-share warrant at C$0.75 per unit. It sold 1,333,333 units in the first tranche, 2,666,667 units in the second tranche and 4,666,667 units in the third tranche.
Each whole warrant is exercisable at C$1.00 for two years. The strike price is a 12.36% premium to the March 12 closing share price of C$0.89.
Proceeds will be used to purchase raw material inventory and for general corporate purposes.
QSolar is a solar energy company based in Calgary, Alta., that designs, develops, manufactures and sells photovoltaic modules.
| Issuer: | QSolar Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 13,333,333
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Investor: | Centrium Enterprises Ltd.
|
| Pricing date: | March 13
|
| Settlement date: | March 18 (for C$1 million), March 28 (for C$2 million), April 5 (for C$3.5 million)
|
| Stock symbol: | CNSX: QSL
|
| Stock price: | C$0.89 at close March 12
|
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