Outcome of Capital Raising
Windflow’s
shareholders have responded well to the recent Share Purchase Plan (SPP). The Waiver Decision granted by NZX Regulation
on 6 October 2011 required Windflow to advise the market by 5:00 pm today as to
whether or not the $2.0 million revised target had been
reached. Windflow hereby advises that, together with private
placements and an underwrite provided by an existing shareholder in recent
days, the SPP has reached its target of $2.0 million.
Therefore
the Windflow Directors have today resolved to proceed with the allotment of shares
next week.
This
additional liquidity will allow the company to continue its international
licensing activities, such as the licence which is currently being negotiated
with a Fortune 500 company in the US. Other
companies have also expressed interest in licensing some or all of Windflow’s
technologies. Accordingly Windflow now
plans to engage outside specialists to conduct a formal process for licensing
the company’s IP internationally, at least for manufacturing Windflow’s designs
in and for certain international markets such as North America.
Progress
towards initial turbine projects in UK continues. There are at least three single turbine
projects in Scotland which now have one or more of the following in place:
planning permission, an electrical connection offer and a land-owner
agreement. These include North Fish
Shetland and the North Harris project which Windflow has announced in the past. Windflow will now work to complete the
contractual arrangements for at least three such projects to enable the
projects to be financed.
As
regards the upcoming Special Meeting on Wednesday 2 November 2011, this meeting
will proceed as notified. The Directors
will now be voting any votes and proxies they hold AGAINST the notified motion
and recommend shareholders do the same.
The
Company intends to hold its Annual Meeting on Wednesday 30 November 2011, and a
formal notice confirming the date will be issued shortly.
For
further information:
Geoff Henderson,
Chief Executive Officer
Ph 03 365 8960