By Devika Patel
Knoxville, Tenn., March 7 - Shear Wind Inc. announced it will raise C$1.75 million from a private placement of a convertible debenture.
The 5% note matures on Sept. 1 and $750,000 of the debenture is convertible into units at C$0.80 per unit. Interest will be paid upon maturity.
Each unit will consist of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.90 for one year after the conversion date.
Two investors also will receive 250,000 warrants, exercisable at C$0.80 until Sept. 1.
Proceeds will be used for the continued build-out of Shear Wind's key 2008 initiatives, which include the 230 megawatt Glen Dhu project and 100 megawatt Glen Ridge project, as well as for general working capital requirements.
Shear Wind, which has headquarters in Halifax, N.S., is engaged in the exploration and development of renewable energy.
| Issuer: | Shear Wind Inc.
|
| Issue: | Convertible debenture
|
| Amount: | C$1.75 million
|
| Maturity: | Sept. 1
|
| Coupon: | 5%, payable at maturity
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | C$0.80
|
| Warrants: | 250,000
|
| Warrant expiration: | Sept. 1
|
| Warrant strike price: | C$0.80
|
| Pricing date: | March 7
|
| Stock symbol: | TSX Venture: SWX
|
| Stock price: | C$0.75 at close March 7
|
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