Attention Business Editors
ARISE Technologies Closes Share Offering Raising Gross Proceeds of $45.1 million Through Bought Deal
§ WATERLOO, ON, May 21 /CNW/ - ARISE Technologies Corporation (TSX: APV and
Frankfurt: A3T), which is dedicated to becoming a leader in high-performance,
cost-effective solar technology, today announced that it has completed its
previously announced offering of common shares through a bought deal.
§ The offering consisted of 20,500,000 common shares issued by the company
for gross proceeds to ARISE of $45,100,000 and the sale of 500,000 common
shares by Ian MacLellan, the company's founder, Chief Technology Officer, and
Vice-Chair, for gross proceeds to Mr. MacLellan of $1,100,000. The co-lead
underwriters of the offering were Canaccord Adams and Clarus Securities Inc.
§ The common shares were offered by public offering through a short-form
prospectus in all provinces of Canada, except Quebec, and in the United States
by way of private placement to "Institutional Accredited Investors" and/or to
qualified institutional buyers pursuant to Rule 144A of the United States
Securities Act of 1933. The common shares being issued in the offering have
been conditionally approved for listing on the Toronto Stock Exchange.
Following the issuance of the shares, there are 126,117,775 common shares of
ARISE issued and outstanding.
§ <<
§ ARISE intends to use the net proceeds from the offering as follows:
§ - approximately $20 million to secure additional silicon wafers to meet
§ the PV (photovoltaic) cell production requirements of its recently
§ opened manufacturing plant in Bischofswerda, Germany;
§ - approximately $9 million for production equipment for its silicon
§ pilot manufacturing facility in Waterloo;
§ - approximately $7 million for the equity component of the company's
§ investment in the new silicon pilot production plant;
§ - approximately $4 million for PV cell research and development; and
§ - approximately $3 million for working capital and other purposes.
§ >>
§ Mr. MacLellan has informed the company that a portion of the proceeds
from the sale of his common shares will be used to repay a loan of $376,250
made by the company to him on March 27, 2008 for the purpose of facilitating
the exercise of warrants to purchase common shares of ARISE. Following
completion of the offering, Mr. MacLellan continues to control approximately
5,118,438 common shares of ARISE.
§ This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The common
shares have not been and will not be registered under the United States
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements.
§ About ARISE Technologies
§ ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated
to becoming a leader in high-performance, cost-effective solar technology. The
company operates through three divisions. The PV Cell Division manufactures PV
(photovoltaic) cells at its first manufacturing plant opened in April 2008 in
Bischofswerda, Germany. The division is developing proprietary technology with
a target of achieving a step-by-step progression to a high-efficiency level of
greater than 20 percent. The PV Silicon Division is using a proprietary method
to produce silicon at 7N+ high-purity (99.99999 percent purity) for PV cell
applications, based on a simplified chemical vapor deposition process. The
division is focusing on scaling up its process to provide ARISE with control
over its supply, costs, and quality. The PV Systems Division provides complete
turnkey PV solutions for solar farms and rooftop installations under the
Ontario standard offer program.
§ The company's shares are listed on the Toronto Stock Exchange under the
symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T.
Additional information is available at www.arisetech.com and www.sedar.com.
§ Forward-Looking Statements
§ Certain statements in this news release may be considered to be
forward-looking. Such statements are based on management's current
expectations, estimations, and assumptions based on experience, trends, and
other factors that are subject to the significant risks and uncertainties
described in our regulatory filings. Please refer to these. Such risks and
uncertainties may include, but are not limited to, the effects of general
economic conditions, changing foreign exchange rates, actions by government
authorities, uncertainties associated with legal proceedings and negotiations,
industry supply levels, competitive pricing pressures and misjudgments in the
course of preparing forward-looking statements. ARISE assumes no obligation to
update any forward-looking statements or to update the reasons why actual
results could differ from those reflected in the forward-looking statements.
-30-
§ /For further information: ARISE Technologies Corporation, 65 Northland
Road, Waterloo, Ontario, Canada, N2V 1Y8, Dave Chornaby, Chief Financial
Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com/
Erfolg ist die Fähigkeit, von einem Mißerfolg zum anderen zu gehen,ohne seine Begeisterung zu verlieren.
(Winston Churchill)
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