News out..hmm but no volume...weirdd..
AAER Inc. announces a private placement with SkyPower Corp., a Lehman Brothers affiliate
Tuesday September 18, 8:19 am ET
NEW YORK, TORONTO, BROMONT, QC, Sept. 18 /CNW/ - AAER Inc. (TSX-V: AAE - News; "AAER" or the "Company"), Canada's only wind turbine manufacturer has announced today that SkyPower Corp., a Lehman Brothers affiliate, has agreed to acquire a 20.9% equity stake in the company representing an investment of $5,000,000.
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Skypower has subscribed for 14,285,714 shares of the company at $0.35 per share and share purchase warrants for the purchase of an additional 14,285,714 common shares at an exercise price of $0.45 per share.
In connection with its investment, SkyPower has committed to bid AAER turbines in its different project bids for the current Hydro-Quebec 2,000MW wind energy request for proposal. Closing of the $5,000,000 subscription is subject to the approval of the TSX Venture Exchange.
"This partnership represents a major step in the company's development. The combination of SkyPower's entrepreneurial platform and fast growing portfolio of large high profile development projects, as well as their shareholders' global reach, gives the Company an important competitive edge in the North American market. We are all excited about the new possibilities that arise from this collaboration." Stated Dave Gagnon, AAER's Chief Executive Officer.
"SkyPower's commitment to Quebec is further highlighted by our decision to acquire a stake in AAER. AAER has clearly demonstrated that it is focused on becoming Canada's local manufacturer of wind turbines with manufacturing and assembly based out of Quebec. As a result, hundreds of jobs will be created along with other significant economic benefits to Quebecers. It is abundantly clear that AAER's plans by far surpass any effort to date to make Quebec a hub of wind turbine manufacturing and a solid export base, which is an important part of the Quebec Government's vision for wind in Quebec. We are pleased to demonstrate our support for AAER and are making this investment to help further their objectives." Stated Kerry Adler, SkyPower's President & Chief Executive Officer.
About AAER
AAER is a wind turbine manufacturer located in Bromont, Quebec that manufactures and maintains high capacity 1 Megawatt or more wind turbines principally for the North American market. Its strategy is to progressively build its product's components to provide a high level of reliability and a competitive pricing to its customers. AAER uses proven European technologies to ensure the performance of its turbines in various wind conditions and complex terrains. Its stock is listed on the TSX Venture Exchange (AAE). Additional information is available on the Company's Website at www.aaer.ca.
