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Halifax, Nova Scotia-based Shear Wind has closed its previously announced private placement consisting of the issuance of 3.5 million units at a price of $0.47 per unit for total proceeds of $1.7 million.

Each unit includes one common share and one-half of one purchase warrant, with each full warrant entitling the holder to purchase one additional common share at a price of $0.55 within 24 months of closing.

The common shares and warrants will be subject to a four-month hold period. Blackmont Capital Inc. received a cash commission of $160,150 in connection with facilitating the private placement.

The proceeds from the private placement will be used to further develop Shear Wind's Glen Dhu Wind Project in Nova Scotia.

SOURCE: Shear Wind Inc.

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