SOURCE: Caliber Energy, Inc.

November 02, 2009 16:09 ET

Navajo Announces Closing of Third Tranche of $50 Million Financing

ATLANTA, GA--(Marketwire - November 2, 2009) - Navajo Wind Energy Corp. (the "Company" and formerly Caliber Energy Inc.) (PINKSHEETS: CLBN) is pleased to announce the completion of the third tranche of its previously announced $50 million financing.

Navajo will receive gross proceeds of $15 million for the issuance of a promissory note, which is subject to a hold period of two years plus one day from the date of issuance in accordance with the agreement. The funding is expected to be received on November 16, 2009, with the net proceeds of the third tranche being approximately $13.8 million after deducting the placement agents' fees and estimated offering expenses.

Navajo will allocate $13,500,000 of the net proceeds to fund the previously announced acquisition of 200 MW Xinjiang Wind Farm Project ("Xinjiang"), see press release of February 25, 2009. The remaining funds will be used as working capital for the Company. To date the Company has received $18.4 million of which $18 million have been used to fund the 200 MW Xinjiang Wind Farm Project.

About Navajo Wind Energy

Navajo Wind Energy Corp. is a renewable energy company focused on the development of more than 500 megawatts of clean wind energy to drive its future revenues and growth. The Company is pursuing significant opportunities to provide clean wind power to the growing demand in China. With the key acquisition of wind farm and power trading company Guangzhou Jianianxiang Co. Ltd, Navajo will become one of only a few companies licensed to trade electrical power in and outside of China.

Contact Information

  • Contact:
    Navajo Wind Energy Corp.
    Peter Wong
    800-598-2034, ext. 109
    Investor Relations