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TMG got money for GEM acquisition and other

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geopic   Tuesday, 06/24/08 11:34:01 AM
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TMG got money for GEM acquisition and other contracts. The units were at .22 and raised $15M
''Subsequent to the closing of the private placement, Thermal Energy will have 167,957,922 shares outstanding...'' but those new shares will become tradeable only in mid-October.

Note also: (if you're American, do not read further, please.)

''OTTAWA, Jun 23, 2008 (Canada NewsWire via COMTEX News Network) --
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

$5.4M for GEM acquisition, $9M-plus for project asset investments and

business growth; strong institutional investor support; secure financial

base

OTTAWA, June 23 /CNW Telbec/ - Thermal Energy International Inc. (TSX-V:TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") is pleased to announce it has closed an oversubscribed brokered private placement of common shares with gross proceeds of $15,000,000.

"The placement is the largest in the Company's history and was subscribed to by a number of the most recognized renewable energy and sustainability focused funds in Toronto, New York and London," said Thermal Energy President and CEO Tim Angus. "This investment is a tremendously strong endorsement of Thermal Energy's business strategy, anticipated growth and build-out as a true, international leader delivering innovative energy and greenhouse gas reduction solutions."

"It also gives Thermal Energy a strong institutional investor base of around 40%, which we see bringing stability and greater value for all shareholders," said Mr. Angus.

The funds raised enable Thermal Energy to complete its acquisition of Gardner Energy Management Ltd. ("GEM") in the U.K. with the base payment of (pnds stlg)2.7 million (approximately $5.4 million CAD)....''

There is more than hope for this company. Let's see the next PR (probably about the GEM acquisition)

g.p.


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