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Windflow Technology Share Purchase Plan
19 October 2011
Windflow Technology Share Purchase Plan
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.
ENDS
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