Sustainable Energy Reports Closure of $1.0 Million Financing
Sustainable Energy Technologies Ltd. (Calgary, Alberta, Canada), a developer of power electronics for renewable energy applications, has completed a previously announced private placement of securities to raise gross proceeds of $1 million. The issue comprised a sale of 50 limited partnership units ($500,000) of its subsidiary STG Markets Limited Partnership at a price of $10,000 per unit; and the issuance of 1,851,852 common shares of the company ($500,000) at a price of $0.27 per share. Each STG Markets limited partnership unit will be callable by the company after December 31, 2005, in exchange for 33,334 common shares ($0.30 per share) of the company.
The private placement is in addition to a previously announced private placement of 125 STG Markets limited partnership units ($1,250,000), each of which is callable by the company after December 31, 2005, in exchange for 55,556 common shares ($0.18 per share) of the company. The company also announced that two million common shares held under a performance escrow have been cancelled.
The net proceeds of the issue will be used for marketing Sustainable Energy's SUNERGY line of solar inverters in Europe, targeting the growing Spanish market. Spain has recently announced significant increases in its goals for solar photovoltaic installations, and the company is aiming to be a major participant in this market, manufacturing its inverters in Spain under a previously announced partnership with Gabriel Benmayor SA (Barcelona, Spain).