Xzeres Wind has completed an equity financing of USD4,010,500 in a private placement of 4,010,500 shares (USD1.00 per share) to a group of institutional investors and high net worth individuals.
Each purchaser of common stock received warrants to purchase additional shares in an amount equal to 35 per cent of the number of shares purchased by that investor, exercisable at USD1.25 per share.
The company plans to use these proceeds for sales and marketing, product enhancement, expansion of its assembly and test facilities and general working capital.
Based in Wilsonville, Oregon, Xzeres designs, develops and markets small wind turbine systems for small businesses, farms, rural households, rural electric utilities and telecommunication applications.
David N. Baker, Xzeres chairman, says: "We have founded, structured and, with the strong support of our stakeholders, funded Xzeres to capitalise on the global opportunities that exist in the small wind market. As great as the opportunities are for deployment of small wind turbine systems in the US, we believe that the international opportunities are even greater."
