AAER Wind Energy fka AAE

[december]

AAER arranges $5-million financing with SkyPower


2007-09-18 08:53 ET - News Release

Mr. Dave Gagnon reports

AAER INC. ANNOUNCES A PRIVATE PLACEMENT WITH SKYPOWER CORP., A LEHMAN BROTHERS AFFILIATE

SkyPower Corp., a Lehman Brothers affiliate, has agreed to acquire a 20.9-per-cent equity stake in AAER Inc. representing an investment of $5-million.

SkyPower has subscribed for 14,285,714 shares of the company at 35 cents per share and share purchase warrants for the purchase of an additional 14,285,714 common shares at an exercise price of 45 cents per share.

In connection with its investment, SkyPower has committed to bid AAER turbines in its different project bids for the current Hydro-Quebec 2,000-megawatt (MW) wind energy request for proposal. Closing of the $5-million 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