Carmanah Closes $3,750,000 Over-Allotment Option

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VICTORIA, BRITISH COLUMBIA (May 1, 2015) – Carmanah Technologies Corporation (TSX:CMH) (the “Company” or “Carmanah”), is pleased to announce the exercise, in full, and closing of its previously announced option for the Underwriters (as defined below) to purchase an additional 750,000 common shares of the Company (“Shares”) at a price of $5.00 per Share for aggregate gross proceeds of $3,750,000 (the “Over-Allotment Option”). The Shares were issued in a public offering in certain provinces of Canada pursuant to a short form prospectus dated April 23, 2015 (the “Final Prospectus”) filed with certain Canadian securities regulators, and were underwritten by a syndicate of underwriters led by Cormark Securities Inc. and including Canaccord Genuity Corp., GMP Securities L.P. and Salman Partners Inc. (collectively, the “Underwriters”).

An aggregate of 6,400,000 Shares have been sold in connection with the offering pursuant to the Final Prospectus for aggregate gross proceeds of $32,000,000.

The net proceeds of the Over-Allotment Option are intended to be used as set forth in the Final Prospectus.

All references to “$” in this news release are Canadian dollars unless otherwise indicated.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.  

 

About Carmanah
Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah's solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold.

 

Contacts
Carmanah Technologies Corporation
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
 

This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “intends,” “could,” “may,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements, including the intended use of the net proceeds of the Over-Allotment Option, are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (“AIF”) and Annual MD&A (“MD&A”), which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com. The risk factors identified in the AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release unless required by law.