Canadian Solar completes share offer
Canadian Solar has announced the completion of the Company's at-the-market offering of common shares previously announced on August 15, 2013.
Upon the completion of the offering, the Company had sold 3,772,254 of its common shares at an average price of $13.25 per share, raising approximately $50.0 million in gross proceeds. The common shares were offered through Credit Suisse as sales agent. The Company received net proceeds of approximately $48.0 million from the offering after deducting the sales agent's commissions and estimated offering expenses. Canadian Solar intends to use the net proceeds from the offering for general corporate purposes, which may include solar power project development expenses and working capital.
The common shares were offered under the Company's existing shelf registration statement which has become effective. A prospectus supplement and a related base prospectus describing the terms of the offering have previously been filed with the Securities and Exchange Commission.
