Science & Technology
Science and TechnologyScience and Technology 
Thu, June 30, 2011
Wed, June 29, 2011
MANASSAS, VA, June 29, 2011 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW), providers of laser-based wind sensor products and technology, announced today that it has filed a final short form prospectus with regulatory authorities in Ontario, Alberta, and British Columbia, in connection with a best efforts offering of units and common shares of the Company.
The offering will be any combination of: (i) a minimum of up to 37,500,000 units of the Company at a price of $0.40 per unit and/or a minimum of up to 42,857,142 common shares in the capital of the Company at a price of $0.35 per offered share; and up to (ii) a maximum of up to 75,000,000 units at the unit offering price and/or a maximum of up to 85,714,285 offered shares at the share offering price, for minimum total gross proceeds of $15,000,000 and maximum total gross proceeds of $30,000,000. The total number of units and common shares to be issued will not be determined until the closing of the offering.
The offering is expected to close on or about July 8, 2011.
Each unit consists of one common share and one-half of one common share purchase warrant of the Company. Each whole warrant will entitle the holder thereof to purchase one common share of the Company at a price of $0.60 per share at any time before 5:00 p.m. (Toronto time) on the date that is two years following the closing date.
The offering will be led by Jacob Securities Inc. (the "Agent"). The Company has granted the Agent an over-allotment option to purchase up to an additional 15% of the number of units and common shares to be issued pursuant to the offering on the same terms and conditions as the offering, exercisable in whole or in part for a period of up to 30 days following the closing of the offering. The Agent will receive a cash fee equal to 6% of the gross proceeds raised through the offering and the over-allotment option. In addition, subject to the successful completion of the offering, the Company will grant the Agent compensation options (the "Compensation Options") exercisable for a period of 24 months following the closing of the offering to purchase up to that number of units and common shares as is equal to 6% of the aggregate number units and common shares sold pursuant to the offering (including upon the exercise of the over-allotment option) at an exercise price per unit equal to the unit offering price and an exercise price per share equal to the share offering price.
The offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and securities regulatory authorities.
A copy of the final prospectus will be available under the Company's profile on SEDAR at [ www.sedar.com ].
This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
About Catch the Wind Ltd.
Catch the Wind Ltd. is a high-growth technology company headquartered in Manassas, Virginia. The company was founded in 2008 to develop and manufacture the Vindicator® laser wind sensor.
Catch the Wind serves the commercial market sector for laser based wind sensor systems, recognized as the "gold standard" in wind measurement. The company is focused on becoming a major contributor in making clean, renewable wind energy more affordable and profitable. For more information, visit [ www.catchthewindinc.com ].
Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of Catch the Wind. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Catch the Wind believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Catch the Wind disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.