Global Thermoelectric SFP Results

Global Thermoelectric Inc. (Calgary, Alberta, Canada) has announced that it has obtained receipts for its final Short Form Prospectus (SFP) dated September 22, 2000. Pursuant to the previously announced special warrants financing, which closed on August 22, 2000, the company issued nearly three million special warrants priced at $34.50 each for net proceeds of $94.6 million. The SFP qualifies the distribution of 2,900,000 common shares of the company issued upon the exercise of the special warrants for no additional consideration. Financing was led by Sprott Securities, with Goepel McDermid and TD Securities included in the underwriting syndicate. Global plans to use the proceeds of the offering to accelerate its growing solid-oxide fuel cell research and development program.