ARISE Announces Issuance of Notice of $350,000 Drawdown under Committed Equity Facility and Provides Update on Commerzbank AG Discussions
ARISE Technologies Corporation APV
4/1/2011 5:24:00 PM
WATERLOO, ON, Apr 1, 2011 (Canada NewsWire via COMTEX News Network) --
ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has issued a drawdown notice under its Committed Equity Facility Agreement with Haverstock Master Fund, Ltd. ("Haverstock") entered into with Haverstock in December 2009. The drawdown notice is in respect of a drawdown of $350,000. Closing of the drawdown is scheduled to be completed on or about April 13, 2011.
The Committed Equity Facility Agreement, the base shelf prospectus and the prospectus supplement in respect of the Committed Equity Facility Agreement are available on SEDAR at www.sedar.com and on ARISE's website at www.arisetech.com. The Pricing Supplement in respect of the drawdown will be filed on SEDAR as soon as practicable following the completion of the drawdown pricing period as determined under the Committed Equity Facility Agreement. This news release does not constitute an offer to sell ARISE securities or the solicitation of an offer to buy ARISE securities, nor is there to be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Update on Discussions with Commerzbank
In addition, ARISE today confirmed it has agreed with Commerzbank AG ("Commerzbank" or the "Bank") to extend the date by which it is required to fulfill certain terms and conditions under the previously announced Trust Agreement until April 11, 2011. Upon fulfillment of the Trust Agreement terms and conditions, ARISE's credit facilities with the Bank will be extended until December 31, 2011. Discussions continue with the Bank regarding the fulfillment of such terms and conditions which were outlined in the press release of February 1, 2011.