Windflow Technology Share Purchase Plan
19
October 2011
Windflow
Technology is pleased to announce that an underwrite has been obtained for the Share
Purchase Plan SPP which closes tomorrow Thursday 20th October.
The
Directors assessed that they require a total of $2.0 million from the SPP
and/or new cash or commitments from other sources in order for Windflow to
carry out its proposed course of action and remain solvent at least through until
June 2012, during which time it expects to generate new sources of revenue.
The
total raised to date is approximately $1.6 million and it is likely that
significant further investments will be made today and tomorrow.
Accordingly
one of Windflow’s shareholders has advised that he will subscribe for any
remaining shares required to take the total from the SPP and private placements
to $2.0 million.
In
addition the shareholder is offering to provide finance by way of loans secured
against turbines to be installed in the UK.
This offer is for up to £1.65 million to provide majority funding of the
first three turbines to be installed in the UK.
It is subject to final project agreements being concluded for three
projects in Windflow’s UK pipeline.
For
further information:
Geoff Henderson,
Chief Executive Officer
Ph 03 365 8960