New Issue: Atlantic Wind & Solar seals $1 million private placement of preferreds

By Devika Patel

Knoxville, Tenn., Dec. 24 - Atlantic Wind & Solar Inc. said it has settled a private placement of 12% series A convertible preferred stock for $1 million.

The company sold 1 million preferreds at $1.00 apiece. The preferreds are convertible into common stock at $3.50 per share before Jan. 1, 2011, after which they will convert at $4.00 per share anytime before Jan. 1, 2012, after which they will convert at $5.00 per share through Jan. 1, 2014.

Proceeds will be used to fund Atlantic Solar's joint venture with a prominent Toronto-area developer.

Based in Toronto, Atlantic Wind & Solar is a renewable energy company.

Issuer:	Atlantic Wind & Solar Inc.
Issue:	Series A convertible preferred stock
Amount:	$1 million
Shares:	1 million
Price:	$1.00
Dividends:	12%
Conversion price:	$3.50 per share before Jan. 1, 2011, $4.00 per share after Jan. 1, 2011 and before Jan. 1, 2012, $5.00 per share after Jan. 1, 2012 and before Jan. 1, 2014
Warrants:	No
Settlement date:	Dec. 24
Stock symbol:	Pink Sheets: AWSL
Stock price:	$3.58 at close Dec. 23
Market capitalization:	$107 million

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