Canadian GreenAngel raises USD 297,000in in private offering
(ADPnews) - Nov 26, 2010 - Canadian Greenangel Energy Corp (CVE:GAE) said on Wednesday its CAD 300,000 (USD 297,000/EUR 222,200) private placement had been fully subscribed, with 15% of the offered units taken by the company's directors.
The company, which invests in early-stage technology firms focused on the production or conservation of energy, plans to use the proceeds for general working capital, an investor-relations programme and investments in new clean energy technologies.
It sold nearly 2 million units to accredited investors, with each unit consisting of one common share and a half of a share purchase warrant. A full warrant gives its holder the right to buy one common share for CAD 0.20 during the first year after the offering, and for CAD 0.25 in the second year.
The private placement is subject to final approval from the TSX Venture Exchange.
(CAD 1 = USD 0.989/EUR 0.741)
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.