AAER Inc. (TSX-V: AAE), Canada’s only wind turbine manufacturer, recently finished a placement of 11,000,000 units at the price of Cdn $1.15 per unit, raising Cdn $12,650,000. Each unit consists of one common share and one-half warrant.
For each whole warrant, the owner can purchase one additional common share of AAER at a price of Cdn $1.60 at any time until November 13, 2009.
The offering was made through Canaccord Adams.
“In the context of growing market opportunities, this infusion of capital comes at an important moment in the development of our Company,” said Dave Gagnon, President and CEO of AAER. “As the demand for wind turbines continues to accelerate, this offering will provide us with the necessary capital to secure our supply chain and allow us to be in a strong position to begin assembly and production as planned.” Net proceeds raised from the offering will be used to meet capital expenditures requirements at the Bromont manufacturing plant, to order certain major components, to effect license payments and for working capital purposes. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
About AAER Inc
AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 Megawatt or more wind turbines principally for the North American market.
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