Carmanah Technologies Corp. closes C$3 million private placement

Date closed: 7/17/2014

Value: C$3 million

On July 17, 2014, Carmanah Technologies Inc. (Carmanah or the Company) announced the closing of a non-brokered private placement of 12,000,000 common shares at a price of $0.25 per share for gross proceeds of $3,000,000 (the Private Placement). All of the shares issued under the Private Placement were purchased by James Meekison and Terry Holland; both of whom are insiders of the Company. The net proceeds from the Private Placement will be used for general corporate purpose, specifically to provide working capital.

Carmanah, headquartered in Victoria, British Columbia, is a solar technology company.

BLG represented Carmanah with a team led by Graeme Martindale that included Warren Learmonth and Andy Roy.