EarthFirst Prepares for IPO

Wind energy developer EarthFirst Canada Inc. has completed its initial public offering final prospectus for 50,203,000 common shares at a price of $2.25 per unit.

In addition, up to 10,401,370 common shares will be issued as “flow-through shares” at a price of $2.60 for aggregate gross proceeds of $140 million.

Each Unit consists of one common share and one-half of one Common Share purchase warrant. Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $2.60 at any time during the two-year period beginning on the date of Closing of the Offering. 

The Common Shares and Warrants constituting the Units will be separated immediately following the issuance of the Units. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Common Shares and Warrants. 

The Common Shares and Warrants will be listed for trading under the symbols EF and EF.WT, respectively, and the Common Shares will be eligible for RRSP, RRIF, RESP and DPSP accounts. 

EarthFirst expects the Flow-Through Common Shares to receive tax deductions equal to 100% of the amount invested for the 2007 taxation year. Closing of the underwritten offering is currently scheduled for December 11, 2007.

  

The company says net proceeds from the Offering will fund the initial construction costs of the Dokie I Project, ongoing development of EarthFirst’s other windpower projects and general corporate purposes.