Aurora Solar Technologies Announces Private Placement

Aurora Solar Technologies (TSXV:ACU) has announced it will undertake a non-brokered private placement of roughly 2.7 million units at $0.18 each for gross proceeds of $500,000.
As quoted in the press release:

Each Unit will consist of one common share (a “Share”) and one half share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase one additional Share (a “Warrant Share”) for a period of 24 months at a price of $0.30 per Warrant Share. The Warrants will be subject to acceleration, at the option of the Issuer, in the event the trading price, on the Exchange, of the common shares of the Issuer closes at or above CDN$0.40 per common share for 10 consecutive trading days at any time after four months from closing of the Offering.

The Company will be paying a finder’s fee consisting of cash fee equal to 7% of the proceeds raised and warrants to purchase that number of Shares equal to 7% of the Units sold.

All securities will be subject to a 4-month hold period. The funds will be used for working capital to expand delivery and support operations as well as for general corporate purposes.

Completion of the private placement is subject to the approval of the TSX Venture Exchange.

Click here to read the full press release.