A-Power Energy Generation Systems Ltd. (APWR) announced that it has closed a private placement for $83 million in cash with several institutional investors. The company will use the net proceeds to fund a portion of the purchase price of the company's EVATECH acquisition and the remainder of the net proceeds have been designated for investment in additional components for the manufacturing of turbines, funding of existing projects and additional working capital.
The company issued to institutional investors 5,777,932 common shares at $14.37 per share. The company also issued to the investors warrants to purchase an aggregate of 2,888,966 Shares, 2,099,822 of the warrants are exercisable at $16.90 per share and the remainder are exercisable at $16.91 per share. The warrants will be initially exercisable six months after January 21, 2010 and will remain exercisable for a five-year period thereafter.
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