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ARISE Files a Preliminary Prospectus Supplement to raise up to $15,000,000 Arise Technologies Corporation (TSE:APV) Intraday Stock Chart Heute : Wednesday 24 November 2010 ARISE Technologies Corporation ("ARISE" or
the "Company") (TSX: APV and Frankfurt: A3T), a leader in
high-performance, high-quality, cost-effective solar technology, today
announced the filing of a preliminary prospectus supplement to its
September 29, 2009 base shelf prospectus in connection with a brokered
offering of up to $15,000,000 of Units plus a 15% over allotment option
(the "Offering"). Each Unit will consist of one common share and one
common share purchase warrant. Pricing of the Units will be determined
in the context of current market pricing. The share purchase warrants
will expire on a date to be agreed between the Company and the co-lead
agents, between June 11, 2012 and two years following their issuance
unless such date is accelerated in accordance with the terms of the
share purchase warrants. ARISE has entered into an engagement letter
with NCP Northland Capital Partners Inc. and Raymond James Ltd. to act
as co-lead agents for the Offering, which will be conducted on a "best
efforts" basis.
Closing of the Offering is subject to final pricing and TSX approval.
The proceeds of the Offering will be used to substantially fund the
purchase of equipment for a third PV Cell production line at the
Company's German PV Cell production facility ("Line 3"), to repay the
outstanding $1.75 million bridge loan from Haverstock Master Fund, Ltd.
and Trenrasp, LLC and for general corporate purposes.
In addition to other customary closing conditions to be set out in the
agency agreement to be entered into in respect of the Offering, closing
of the Offering will be subject to the Company and its wholly owned
subsidiary, ARISE Technologies Deutschland GmbH, ("ARISE Germany")
entering into an agreement with Commerzbank AG, in a form satisfactory
to the co-lead agents acting reasonably, that confirms that upon
receipt of the proceeds from the Offering, the conditions of the Trust
Agreement (as described in the preliminary prospectus supplement)
relating to the receipt of financing necessary to implement Line 3 will
be satisfied.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is 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%. The PV Silicon Division is
using a proprietary method to produce silicon at 7N+ high-purity
(99.99999% 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 has been providing PV solutions
for solar farms and rooftop installations since 1996 throughout North
America. ARISE is planning to expand its systems business in Ontario
under the Ontario FIT (Feed-In Tariff) 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 and Risk Factors
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, the requirement for
additional capital, risks associated with manufacturing, industry
supply levels, competitive pricing pressures and misjudgements in the
course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section
of ARISE's Annual Information Form and under the headings Liquidity and
Capital Resources and Risk and Uncertainties in ARISE's year-end
Management's Discussion and Analysis which are available at www.sedar.com. These factors should be considered carefully, and readers should not
place undue reliance on ARISE's 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.
%SEDAR: 00017494E
pARISE Technologies Corporationbr/ 65 Northland Road, Waterloo, Ontario, Canada N2V 1Y8br/ Doug McCollam, Chief Financial Officer, (519) 772-5706br/ a href="/forum/mailto:Doug.McCollam@arisetech.com"Doug.McCollam@arisetech.com/abr/ a href="http://www.arisetech.com"www.arisetech.com/abr/ br/ Investor Relations:br/ Glen Williamsbr/ The Equicom Groupbr/ (416) 815-0700 x272br/ a href="/forum/mailto:gwilliams@equicomgroup.com"gwilliams@equicomgroup.com/a/p
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