Xzeres funding round grows to $5.1M
By Erik Siemers, Business Journal staff writer
Business Journal staff writer
Xzeres Wind Corp. on Tuesday said it has added nearly $600,000 more to a $4.5 million funding round announced last week.
The Wilsonville-based maker of small-scale wind energy systems (OTCBB: XWND) added $585,700 after a second and final closing of its equity financing round, raising a total of more than $5.1 million.
The round featured private placement of nearly 4.9 million shares at $1.05 per share with a group of institutional investors and high net worth investors.
The investors also received warrants to buy additional shares — limited to an amount equal to half of what they’ve already purchased — exercisable at $1.50 per share.
It was the second major funding announcement by Xzeres in the past year, following a $4 million round announced last May.
In addition to working capital, the company said will use the capital for sales and marketing efforts, to further develop its product portfolio, and to grow the business overseas.
"This additional funding further enhances Xzeres' ability to capitalize on the global opportunities that exist in the small wind market," CEO Frank Greco said in a news release.
@ErikSiemers | email@example.com | 503-219-3418
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