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RGS Energy seeks USD 3.3m gross from stock, warrants offering

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

April 3 (Renewables Now) - US solar installer RGS Energy (OTCMKTS:RGSE) is looking to raise USD 3.3 million (EUR 2.9m) gross through a registered offering of common stock and warrants.

The company, which is the exclusive worldwide manufacturer of the Powerhouse in-roof solar shingles, is offering Primary Units consisting of one Class A common share and a Series R Warrant, as well as Alternative Units comprising a Series R Warrant and a prepaid Series S Warrant to purchase one share of common stock. It has set a purchase price of USD 0.19 for a Primary Unit and USD 0.18 for an Alternative Unit.

Dawson James Securities Inc is the exclusive placement agent in the offering.

Last week, RGS Energy announced it plans to exit its unprofitable mainland residential solar business to focus on the market for its Powerhouse in-roof solar shingles. The planned move will cut the company’s overall cash outflow in a drive to maximise future shareholder value, it said.

(USD 1.0 = EUR 0.890)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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