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Bromont, Quebec-based AAER Inc., a equipment manufacturer of wind turbines, has completed a public offering of 15 million common shares at a price of C$0.50 per share, for gross proceeds of C$7.5 million.

This offering was conducted through a syndicate of underwriters led by Canaccord Adams and National Bank Financial Inc., which were granted an over-allotment option to acquire an additional maximum 2.2 million common shares at a price of C$0.50 per share within the next 30-day period.

The net proceeds of the offering will enable the company to implement its production plan for this year and will be used to purchase manufacturing equipment for the production of wind turbine blades, proceed with deposits towards the purchase of certain nacelle components, purchase various production tools, and for general corporate and working capital purposes.

SOURCE: AAER Inc.

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