ARISE Files (final) Prospectus Supplement and provides Commerzbank Update
Waterloo, Ontario Canada, December 14, 2010 - ARISE Technologies Corporation (TSX: APV and Frankfurt: A3T) (“ARISE” or the “Company”), a leader in high-performance, high-quality, cost-effective solar technology, today announced the filing of a (final) fourth prospectus supplement to its September 29, 2009 base shelf prospectus in connection with its previously announced brokered offering of up to $15,000,000 of Units plus a 15% over allotment option (the “Offering”). The Offering consists of up to 78,947,368 Units which will be sold at a price of $0.19 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each share purchase warrant will be exercisable into one common share at an exercise price of $0.21 and will expire on the second anniversary date of the closing date of the Offering unless such date is accelerated in accordance with the terms of the share purchase warrants. The expiry date of the share purchase warrants may be accelerated if the closing trading price of the common shares on the TSX exceeds $0.60 for twenty consecutive trading days. As of today’s date, ARISE entered into an agency agreement with NCP Northland Capital Partners Inc. and Raymond James Ltd. to act as co-lead agents for the Offering. The Offering is being conducted on a “best efforts” basis.
Closing of the Offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the Toronto Stock Exchange. Closing of the Offering is expected to occur on or about December 20, 2010.
Assuming the Offering is fully subscribed, the proceeds of the Offering will be used (i) to substantially fund the purchase of the equipment for a third production line at ARISE’s PV Cell production facility in Germany; (ii) to repay the outstanding bridge loan of US$1,750,000; and (iii) for general corporate purposes.
The Company has also received confirmation from Commerzbank AG that its loan facilities with the bank have been extended until January 31, 2011 and that the deadline for the fulfillment of the conditions under the Trust Agreement described in the (final) prospectus supplement has been extended until January 17, 2011.
Quelle : http://www.arisetech.com/images/stories/documents/...0updatefinal.pdf -----------
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