TransactionsSonnenEnergy Closes $12 Million Public OfferingPublished: 11/28/2007 By David Swain, Heather Zordel On Nov. 28, 2007, SonnenEnergy Corp., an established photovoltaic solar power systems integrator and solar power producer, closed its public offering following the receipt of the final tranche of funds from investors in the United States and the issuance of the Final Exchange Bulletin by the TSX Venture Exchange. As of Thursday November 29, 2007, the company completed its Qualifying Transaction and is no longer be a Capital Pool Company. With the receipt of these funds, a total of 23,771,400 Units in the capital of SonnenEnergy at $0.50 per Unit were issued in SonnenEnergy's public offering, raising gross proceeds of $11,885,700. Each SonnenEnergy Unit consisted of one common share of SonnenEnergy and a warrant to acquire one SonnenEnergy Share at a price of $0.80 during the 18-month period following the closing of this offering. M Partners Inc. acted as lead agent for the offering. SonnenEnergy granted M Partners broker warrants to purchase up to 1,782,855 SonnenEnergy Units at $0.50 per Unit for a period of up to one year. SonnenEnergy, concurrent with the public offering, also completed its qualifying transaction pursuant to the policies of the TSX Venture Exchange Inc. with the acquisition of the shareholding interests in the capital of SonnenEnergie GmbH, headquartered in Polling, Germany. SonnenEnergy issued 27,500,000 shares from its treasury (at a deemed price of $0.40 per SonnenEnergy share) in exchange for all of the SonnenEnergie GmbH interests, placing a value on the transaction of $11,000,000. SonnenEnergy was the first German-based company to be listed on a Canadian stock exchange. Its trading symbol on the TSX Venture Exchange is PWR. Cassels Brock acted for SonnenEnergy Corp. with a team that included Heather Zordel (Securities) and David Swain (Securities). |