in News Departments > New & Noteworthy
print the content item

Shear Wind Inc. has secured a debenture financing for total proceeds of C$1.7 million. The debenture matures on Sept. 1, 2008.

A portion of the debenture - C$750,000 - is convertible, at the option of the holder, into units of the corporation at a price of C$0.80 per unit. Each unit will consist of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of NACEL for C$0.90 per common share within 12 months of the conversion date.

The debenture will bear interest at the rate of 5% per year, payable in one lump sum on the maturity date. As part of the transaction, NACEL will issue an aggregate of 250,000 bonus warrants to two parties, one of whom is a director of the corporation, in connection with the non-convertible portion of the debenture, being C$1 million at an exercise price of C$0.80 per share and expiring on the maturity date.

The proceeds from the private placement will be used for the continued build out of Shear Wind's 2008 initiatives, which include the 230 MW Glen Dhu project in Nova Scotia and 100 MW Glen Ridge project in Alberta as well as general working capital requirements.




Advertisement

Trachte_id2056
Latest Top Stories

Slow Turning: What's Stopping Individual Blade Pitch Control From Wider Acceptance?

Advances have made it feasible for wind turbine blades to adjust individually. However, other factors are preventing the technology's widespread use.


Deepwater Hits Financial Close For Block Island Wind Farm, Expects Summer Construction

The Providence, R.I.-based offshore wind developer becomes the first to financially close on a U.S.-based offshore wind project.


More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.

Hybrid Energy Innovations 2015