World Energy Solutions completes C$28.8 million initial public offering
On November 16, 2006, World Energy Solutions completed its initial public offering and secondary offering of 27,441,064 shares of common stock at C$1.05 (approximately US$0.93) per share. The offering consisted of 20,000,000 shares sold by World Energy for gross proceeds of C$21 million and 7,441,064 shares sold by certain selling stockholders for gross proceeds to such stockholders of approximately C$7.8 million. The underwriters exercised their over-allotment option in connection with the offering and an additional 3,000,000 shares of common stock were issued on December 5, 2006 for additional gross proceeds of C$3.15 million.
World Energy will use the net proceeds of the offering to fund acquisitions, develop a green credits platform, retire outstanding debt, grow its channel partner base, target other energy-related markets, target utilities and expand its government relationships.
A syndicate of underwriters led by Sprott Securities Inc., and including Canaccord Adams and CIBC World Markets, acted in connection with the offering.
World Energy has granted the underwriters the right to purchase up to an additional 3,000,000 shares to cover over-allotments. World Energy Solutions is an online energy brokerage exchange headquartered in Worcester, Massachusetts.