QSolar Limited

April 07, 2011 15:59 ET

QSolar Limited Announces Private Placement

CALGARY, ALBERTA--(Marketwire - April 7, 2011) - QSolar Limited ("QSolar" or the "Company") (CNSX:QSL) today announced that it intends to raise up to $1,500,000 in a non-brokered private placement of units. QSolar will issue up to 15,000,000 units at $0.10 per unit. Each unit will consist of one common share and one half of a common share purchase warrant. Each whole warrant is exercisable at a price of $0.15 within 18 months from the date of issue. The common shares and warrants will be subject to a 4 month hold period from the date of closing. The Company reserves the right to increase the amount of the financing if there is a demand. 

In connection with the private placement, a finder's fee of 8% of the gross amount raised from subscriptions in the offering from persons introduced to the Company by the finder, payable in cash and 8% in share purchase warrants, each finder's warrant will be exercisable to purchase one common share at a price of $0.10 for a period of 18 months from closing of the private placement. The proceeds will be used for the financing and execution of current orders and general working capital. 

Please see QSolar's website, http://www.qsolar.net/ under "Investors", to obtain information for various market quotes. 

QSolar profile

QSolar is manufacturing solar photovoltaic solar panels under a contract manufacturing agreement in China using its proprietary patent pending Spraytek process and its own designs. QSolar products were introduced in July 2010 and since the introduction there has been significant interest, orders and letters of intent from the European market as well as the U.S. market. QSolar's Spraytek panels offer several advantages over competing products in that they have significantly lower losses in hot climates due to their design, offer superior solar cell encapsulation for better protection and longer life and cost less than equivalent products in the market. Furthermore, QSolar offers solar panels with positive tolerance which means that the customer will get a guaranteed output which can be up to 5% more than the actual specifications. This leads to further savings as competitive products are offered with tolerances of +/- 3% which means that they can have up to 3% lower output than what is specified.

QSolar was listed for trading on the Canadian National Stock Exchange (CNSX) with the symbol QSL on March 25 2011. For more information on QSolar please view the Company's listing documents on the CNSX website, www.cnsx.ca.

Forward-Looking Statements

Certain statements contained in this press release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon. QSolar undertakes no obligation to update the information in this release to reflect events or circumstances after the date of this release or to reflect the occurrence of anticipated or unanticipated events.

Shares currently issued and outstanding 26,000,000

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