Solar company ARISE Technologies Corporation (TSX: APV; Frankfurt: A3T) announced that it has completed its previously announced offering of common shares through a bought deal. The offering consisted of 20,500,000 common shares issued by the company for gross proceeds to ARISE of $45,100,000.
The common shares being issued in the offering have been conditionally approved for listing on the Toronto Stock Exchange. Following the issuance of the shares, there are 126,117,775 common shares of ARISE issued and outstanding.
ARISE intends to use the net proceeds from the offering as follows:
- approximately $20 million to secure additional silicon wafers to meet the PV (photovoltaic) cell production requirements of its recently opened manufacturing plant in Bischofswerda, Germany
- approximately $9 million for production equipment for its silicon pilot manufacturing facility in Waterloo
- approximately $7 million for the equity component of the company’s investment in the new silicon pilot production plant
- approximately $4 million for PV cell research and development
- approximately $3 million for working capital and other purposes.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20 percent. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999 percent purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division provides complete turnkey PV solutions for solar farms and rooftop installations under the Ontario standard offer program.
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