Qsolar Announces Private Placement Unit Offering
2013-02-20 23:46:53 -
Calgary, Alberta CANADA, February 20, 2013 /FSC/ - QSolar Limited (QSL - CNSX"QSolar" or the "Corporation") announces today that it intends to proceed on a 'best efforts' basis with a non-brokered private placement of up to 666,667 units ("Units") at $0.75 per Unit to raise gross proceeds of up to $500,000 (the "Unit Offering Each Unit will consist of one
common share in the capital of the Corporation ("Common Share") and one-half Common Share purchase warrant. Each whole Common Share purchase warrant ("Purchase Warrants") will entitle the holder to acquire one Common Share at $1.00. The Purchase Warrants may be exercised at any time until one year from the closing of the Unit Offering. The Unit Offering is subject to applicable regulatory requirements and CNSX approval.
Definitive terms of the Unit Offering are to be finalized by the Corporation. The Corporation intends to close this Unit Offering in two tranches.
The net proceeds raised from the Unit Offering are intended to be used for purchase of raw material inventory as the Corporation continues to ramp up production at its Shanghai manufacturing facility, and general corporate purposes. The Corporation will pay a cash finder fees of 8% of the gross proceeds raised from subscriptions in the Unit Offering from persons introduced to the Corporation by certain eligible finders ("Finders QSolar will also issue non-transferable Common Share purchase warrants ("Finder's Warrants") equal to 8% of the number of Units subscribed for by persons introduced to the Corporation by eligible Finders. Each Finder's Warrant will allow the Finder to purchase one additional Common Share for a period of one year from the date of closing at $0.75 per Common Share.
QSolar trades under the symbol QSL on the Canadian National Stock Exchange ("CNSX
About QSolar Limited
QSolar Limited and its wholly-owned subsidiary, QSolar Ltd., and its wholly-owned subsidiary, QSolar (Shanghai) Photovoltaic Technology Co. Ltd., develop patented and proprietary solar related processes and technologies, and manufacturing and sell proprietary solar products. The Corporation currently manufactures solar photovoltaic (PV) panels in its new manufacturing facilities in Shanghai, China and in a contracted manufacturing facility in Shenzhen, China using its proprietary patent pending Spraytek(r), Kruciwatt(r) and ESS process and its own QLite designs. QSolar products were initially introduced by QSolar in July 2010 and have attracted significant interest, orders and letters of intent from European and U.S. markets generated by its sales office representatives. QSolar Spraytek(r) panels offer several advantages over competing products as they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection, significant weight savings over existing competitors PV modules, longer life and cost less than equivalent solar products, and are now offered in various sizes and colors. In addition, QSolar offers solar panels with positive tolerance which means that the customer will get a guaranteed output which can be up to 5% more than the actual specifications.
Additional information on the operations or financial results of QSolar Limited are included in reports on file with applicable securities regulatory authorities and may be accessed through the CNSX website (www.cnsx.ca) and SEDAR website (www.sedar.com) under the profile for QSolar.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andreas Tapakoudes, Chief Executive Officer Preston J. Maddin, CFO
QSolar Limited Solar Limited
Telephone: 011-44-7534-711-503 Telephone: 403-617-0000
The CNSX has neither approved nor disapproved the contents of this press release. The CNSX does not accept responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this report and the documents that we incorporate by reference, are forward-looking statements and can generally be identified by words such as "will," "allow," "outlook," or the negative of these terms, and other comparable terminology.
Various risks and other factors could cause actual results, and actual events that occur, to differ materially from those contemplated by the forward looking statements, such as whether QSolar Limited is able to meet price, performance, quality and delivery requirements. Although QSolar believes that the expectations represented by any forward-looking statements and forward-looking information contained herein are reasonable based on the information available to them on the date of this document, management cannot assure investors that actual results, performance or achievements will be consistent with these forward-looking statements or forward-looking information. QSolar undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events.
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