XZERES Wind Corporation (OTCBB: XWND), designer, developer and producer of distributed generation, wind power systems for the small wind market (2.5kW-100kW), has completed an equity financing in the amount of USD4,550,705 in a private placement of 4,334,005 shares (USD1.05 per share) to a group of institutional investors and high net worth individuals.
In addition, each purchaser of our common stock also received warrants to purchase additional shares in an amount equal to 50% of the number of shares purchased, exercisable at USD1.50 per share. The company plans to use these proceeds for sales and marketing, product development to expand its renewable energy product portfolio, and general working capital
According to Frank Greco, Xzeres CEO: "This additional funding further enhances Xzeres’ ability to capitalize on the global opportunities that exist in the Small Wind market. We have experienced strong momentum in the business since acquiring the assets and constructing the necessary Company infrastructure over the past 12 months and this new funding will enable us to continue on that rapid growth path, particularly regarding international opportunities," continued Greco.