Nov 10 2009
Acro Energy Technologies Corp. (TSX Venture: ART), a leading US solar integrator, announces that the TSX Venture Exchange has accepted for filing documentation relating to the October 28, 2009 Stock Purchase Agreement (the “Agreement”) between Acro Energy and Energy Efficiency Solar, Inc., a California corporation headquartered in Pomona, Calif. (“EE Solar”), and William Korthof, the sole shareholder of EE Solar, and that closing of the acquisition has been completed.
Under the Agreement, Acro Energy acquired all of the issued and outstanding shares of EE Solar for consideration consisting of US$250,000 cash, a promissory note in the amount of $740,700, and 2,216,250 common shares issued from the treasury of the Company at a deemed value of CDN$0.24 per share.
The Company also announces that, subject to the approval of the TSX Venture Exchange, it has arranged a non-brokered private placement (the “Private Placement”) of approximately 1,190,000 units (the “Units”) at a price of CDN $0.185 per Unit, for aggregate gross proceeds of approximately CDN $220,800. Each Unit is composed of one common share in the Company and one share purchase warrant (the “Warrants”). Each Warrant will entitle the holder to purchase one additional share of the Company at a price of CDN$0.35 per Share for a period of two years following the closing of the Private Placement. The shares issued in connection with this non-brokered private placement will be subject to a four-month hold period.
The Company intends to utilize the proceeds from the Private Placement for ongoing acquisition efforts and for general corporate overhead purposes.
Source: http://acroenergy.com/