NaiKun Nets $700,000 Private Placement

NAW Staff, Monday 28 April 2014 - 00:00:00

NaiKun Wind Energy Group says it received a much-needed financial boost from Joseph Houssian, a director at the company.

According to NaiKun, the C$700,000 capital infusion will be used for "general corporate purposes and working capital" for the further development of the 396 MW Haida Energy Field Project, an offshore wind farm located in Hecate Strait, between Haida Gwaii and Prince Rupert.

The transaction is subject to shareholder approval and compliance with all applicable regulatory requirements. NaiKun intends to close the offering by June 28.

NaiKun notes that Houssian, an experienced project manager and developer, is providing his services at no cost to the company. Houssian will work with NaiKun’s board of directors and officers and Siemens, which is supplying up to 110 wind turbines.

Upon closing, Houssian will own or control approximately 19.4% of the shares on a non-diluted basis, NaiKun notes.


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