LGC Skyrota Wind Energy Corp. Announces Non-Brokered Private PlacementBy Lgc Skyrota Wind Energy Corp., PRNE
Sunday, January 24, 2010
VANCOUVER, Canada, January 25 - LGC Skyrota Wind Energy Corp. ("LGC Skyrota" "the Company") (TSX-V: LGS)
announced today that it intends to complete a non-brokered private
placement of up to 58,823,530 units at a price of $0.085 per unit for
proceeds of up to $5,000,000. Each unit will consist of one common share
and one-half of a common share purchase warrant. Each whole warrant will
entitle the holder to purchase one additional common share at an exercise
price of $0.125 per share for a period of two years from the date of
closing. The units issued will be subject to a four-month hold period from
the closing date.
The net proceeds of the private placement will be used for
acquisitions and for working capital and general corporate purposes.
Commissions shall be paid in connection with the private placement
consisting of 8% cash and 8% brokers' warrants with an exercise price of $0
.125 per share for a period of two years from the date of closing. Finder's
Fees may be paid in connection with the private placement in accordance
with TSX Venture Exchange policy. The above transaction will be subject to
About LGC Skyrota Wind Energy Corp.
LGC Skyrota Wind Energy Corp. is a leader in the development and
maintenance of clean-energy producing wind turbines. With operations based
in Northern Ireland and executive offices located in Vancouver, B.C., the
Company is well-positioned to expand throughout Europe and enter the North
American market. The Company operates two business divisions: LGC, which
rebuilds gearboxes for large wind turbines, and Skyrota, which manufactures
a revolutionary 5kW small vertical-axis wind turbine. LGC Skyrota trades on
the TSX Venture Exchange under the symbol LGS. For more information, please
Forward Looking Statements
This news release contains statements and information that, to the
extent that they are not historical fact, may constitute "forward-looking
information" within the meaning of applicable securities legislation.
Forward-looking information may include financial and other projections, as
well as statements regarding future plans, objectives or economic
performance, or the assumption underlying any of the foregoing. Forward-
looking information involves known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or
achievements to differ materially from any future results, performance or
achievements expressed or implied by the forward-looking information. A
complete discussion of risk factors is available in the Company's
prospectus available on SEDAR.
Neither 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.
For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy
Corp., Telephone: +1-(604)-605-1635, firstname.lastname@example.org/
For further information: Thomas Braun, CEO, LGC Skyrota Wind Energy Corp., Telephone: +1-(604)-605-1635, tbraun at lgcskyrota.com/
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