Carmanah Technologies Corp. closes C$4.2 million private placement

Date closed : 4/3/2014

Value : C$4.2 million

On April 3, 2014, Carmanah Technologies Corp. (Carmanah or the Company) announced the closing of a non-brokered private placement of 19,300,000 common shares at a price of $0.22 per share for gross proceeds of $4,246,000. Of the 19,300,000 shares issued, 10,000,000 were purchased by insiders of the Company. This represents less than 10% of the issued and outstanding shares of the Company, which is the upper limit set by the Toronto Stock Exchange for private placements of this nature. 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.