The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Carmanah Announces Close of $4.2 Million Private Placement

Thursday, April 03, 2014

Carmanah Announces Close of $4.2 Million Private Placement

19:08 EDT Thursday, April 03, 2014

VICTORIA, BRITISH COLUMBIA--(Marketwired - April 3, 2014) -


Carmanah Technologies Corporation (TSX:CMH) ("the Company" or "Carmanah") is pleased to announce that it has completed a non-brokered private placement of 19,300,000 common shares in the capital of Carmanah (each a "Share") at a price of $0.22 per Share for gross proceeds of $4,246,000 (the "Private Placement").

Of the 19,300,000 Shares issued, 10,000,000 were purchased by insiders of the Company. This represents less than 10% of the issued and outstanding shares of the Company, which is the upper limit set by the Toronto Stock Exchange for private placements of this nature. The following insiders with holdings around or above 10% participated in the Private Placement:

  • Michael Sonnenfeldt, Carmanah's largest shareholder and Chairman of the Board, subscribed for 3,500,000 Shares under the Private Placement. Mr. Sonnenfeldt now holds 28,037,778 common shares, representing approximately 23.4% of Carmanah's issued and outstanding common shares.
  • Jim Meekison subscribed for 3,000,000 Shares under the Private Placement. Mr. Meekison sits on the Company's Board of Directors and now holds 13,178,000 common shares, representing approximately 11.0% of Carmanah's issued and outstanding common shares.

The net proceeds from the Private Placement will be used for general corporate purpose, specifically to provide working capital.

All securities issued in connection with Private Placement are subject to a four-month and one day hold period under applicable securities laws.

The Shares sold in the Private Placement have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration under such Act or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction nor shall there be any sale of these Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Carmanah Technologies Corporation.

As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah pursues its business strategy within six distinctive product offerings: outdoor lighting, marine signal, aviation signals, traffic signals, Solar EPC Services and GoPower!. Carmanah is actively seeking additional product sales opportunities to add to its top line revenue, as well as extending existing product lines through internal development efforts, strategic business relationships as well as focused acquisitions. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit

Carmanah Technologies Corporation

Stuart Williams, Chief Financial Officer

This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects", "plans", "estimates", "intends", "believes", "could", "might", "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to: the proposed used of proceeds. For additional information on these risks and uncertainties, see Carmanah's most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at and on the Company's website at The risk factors identified in Carmanah's AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.


Contact Information:
Carmanah Technologies Corporation - Investors
Stuart Williams
Investor Relations
Toll-Free: 1.877.722.8877

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail App

    The New Globe and Mail App for iPhone®, iPad® and Apple Watch download

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Secure Service
Customer Service
Advertising Privacy
Globe Recognition
Mobile Apps
Other Sections