Sustainable Energy Technologies Ltd (TSX V:"STG") ("Sustainable Energy" or the "Company") Canada's solar inverter company, announced today that it has issued 10.85 Units for gross proceeds $1.52 million ("$0.14 per Unit") by way of a non-brokered exempt private placement. The Company expects to close the balance of its previously announced (See News Release dated March 17 2011) private placement shortly.
Toronto, Ontario - March 23, 2011 - Sustainable Energy Technologies Ltd (TSX V:"STG") ("Sustainable Energy" or the "Company") Canada's solar inverter company, announced today that it has issued 10.85 Units for gross proceeds $1.52 million ("$0.14 per Unit") by way of a non-brokered exempt private placement. The Company expects to close the balance of its previously announced (See News Release dated March 17 2011) private placement shortly. The proceeds of the issue will supplement an announced bank operating line which was secured in part by a $1.5 million standby equity agreement with the Company's largest shareholder. (See News
Each Unit consists of one common share and one half of one common share purchase warrant exercisable for a 2 year period at $0.20 per share. The Company has agreed to pay finders' fees in certain but not all cases equal to 7% of the gross proceeds of issue plus broker warrants representing 7% of the number of shares issued each of which is exercisable for a 24 month period at a price of $0.14 per share. The securities issued are subject to a 4 month hold period.
About Sustainable Energy:
Sustainable Energy (www.sustainableenergy.com) is Canada's solar inverter company. The Company's patented inverter technologies are a breakthrough in power inverter design and capabilities for all forms of distributed generation and smart grid applications.
The SUNERGYTM inverter is the industry's only grid-interactive solar inverter which enables a "parallel"
solar PV system architecture in higher power ratings at a cost and serviceability factor that is comparable to conventional inverters in the market. The benefits of parallel solar are: (i) 5% - 25%
higher total system power output; (ii) a better fill factor enabling better coverage of available space;
(iii) simplified system design and installation; and (iv) the safety of extra low operating voltages which
ensures the safety of building maintenance personnel, first responders, and tradesmen who may accidentally come into contact with system wiring.
Sustainable Energy's technologies are the subject of multiple patents issued by and pending with the Canadian and US Patent Offices.
Forward Looking Information:
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the impact of our technology on solar PV system performance; statements concerning demand for products and statements concerning the potential for positive cash flow and earnings. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at www.sedar.com The Company does not undertake any obligation to release publicly
any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contact Information
Chief Executive Officer
Phone: 403.508.7177 #111
Michael. Carten @SustainableEnergy.com