By Devika Patel
Knoxville, Tenn., Aug. 23 - Etrion Corp. said it completed a C$15.75 million private placement of stock. The deal was announced as a C$15 million offering of equity on Aug. 9.
The company sold 21 million common shares at C$0.75 per share. The price per share reflects a 1.32% discount to the Aug. 20 closing share price of C$0.76.
Proceeds will be used to repay part of the bridge loan from Etrion's major shareholder, Lundin Petroleum. The financing was required by the Toronto Stock Exchange to list Etrion's common shares in the industrial category as a result of the company's change in business focus to renewable energy.
The Vesenaz, Switzerland, company owns electrical power plants based on renewable sources of energy, including solar photovoltaic, solar thermal and wind.
| Issuer: | Etrion Corp.
|
| Issue: | Common stock
|
| Amount: | C$15.75 million
|
| Shares: | 21 million
|
| Price: | C$0.75
|
| Warrants: | No
|
| Announcement date: | Aug. 9
|
| Settlement date: | Aug. 23
|
| Stock symbol: | Toronto: ETX
|
| Stock price: | C$0.76 at close Aug. 20
|
| Market capitalization: | C$119.07 million
|
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