ARISE Technologies Corporation completes $22 million common share offering
WATERLOO, ON, Apr 24, 2007 (Canada NewsWire via COMTEX News Network) --
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ARISE Technologies Corporation ("ARISE" or the "Company") (TSX-V: APV) (ADAX: A3T) is pleased to announce the successful completion of its previously announced short form prospectus financing (the "Offering") with a syndicate of underwriters led by Canaccord Capital Corporation and including CIBC World Markets Inc., Cormark Securities Inc., D&D Securities Company and Loewen, Ondaatje, McCutcheon Limited (collectively, the "Underwriters"). Pursuant to the Offering, the Underwriters have purchased 22,000,000 common shares at a price of $1.00 per common share for aggregate gross proceeds of $22,000,000.
The Company has granted the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of common shares issued pursuant to the Offering. If the Over-Allotment Option is exercised in full, then ARISE will receive aggregate gross proceeds of $25,300,000.
The Company intends to use the net proceeds of the Offering primarily for (i) construction and equipment in connection with its proposed German photovoltaic cell manufacturing plant, (ii) the Company's silicon operation including its required contributions to the Sustainable Development Technologies Canada supported solar grade silicon project and (iii) general corporate purposes, including working capital.
About ARISE
ARISE Technologies is dedicated to accelerating the use of solar energy in mainstream North American markets. The Company's shares are listed on the TSX Venture Exchange under the symbol APV. Additional information is available at www.arisetech.com and www.sedar.com. Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
%SEDAR: 00017494E
SOURCE: ARISE Technologies Corporation
ARISE Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8, T: (519) 725-2244, F: (519) 725-8907, www.arisetech.com; David Ward, Director, Communications & Investor Relations, T: (519) 772-5709, C: (416) 953-7638, david.ward@arisetech.com
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