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AAER, a wind turbine manufacturer located in Bromont, Quebec, has announced that it has entered into an agreement with Canaccord Adams to complete a private placement offering of units, on a best efforts basis, for total gross proceeds of over C$10 million.

Vancouver-based Canaccord Adams will offer up to 8.7 million units, each composed of one common share and one half of one common share purchase warrants, at a price of C$1.15 per unit.

Each whole warrant will entitle the holder to acquire an additional common share, issued from treasury, at a price of C$1.60 for a period of 24 months following the closing date. The units sold under the offering will be subject to a four-month hold period. Closing is expected to occur on Nov. 13, and is subject to TSX Venture Exchange and required regulatory approvals.

AAER says that gross proceeds raised from the offering will be used to meet capital expenditures requirements at the Bromont manufacturing plant, to order certain major components, to effect license payments and for working capital purposes.

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