Aurora Solar Technologies Announces Closing of Private Placement and Appointment of new Chief Executive Officer
North Vancouver, BC, November 15, 2018 – Aurora Solar Technologies Inc. (TSX.V: ACU) (the “Company”) is pleased to announce that it is has closed its previously announced non-brokered private placement consisting of 35,765,384 common Shares of the Company (each a “Share”) at a price of $0.05 per Share for aggregate gross proceeds of $1,788,269 (the “Offering”). The Offering was oversubscribed by $13,269.
The Company paid finder’s fees consisting of cash fees totaling $112,840 and warrants to purchase an aggregate of 2,256,800 Shares for a period of two years at $0.075 per Share. All securities issued under the Offering are subject to a hold period expiring on March 16, 2019.
Net proceeds from the Offering are intended to be used for working capital purposes.
The Company is also pleased to announce the appointment of Gordon Deans as President and Chief Executive Officer, replacing Kevin Dodds who has been acting in that capacity on an interim basis. The Company thanks Kevin for his strong leadership during this important transition period to secure financing and to advance strategy and sales momentum. Kevin will continue his role as a member of the Board of Directors.
The Company welcomes Gordon, who brings industry experience, leadership, and a focus on delivering value to the Company’s customers. “I’m excited to lead Aurora at this pivotal time,” said Gordon Deans, President and CEO. “With the rapid adoption of high-efficiency solar energy products, solar cell manufacturers must now simultaneously increase product performance, lower costs and achieve higher production yields to be profitable. Aurora’s unique differentiation in this dynamic market is that our products provide our customers with the real-time data and insights to meet these demanding needs in the face of rapidly growing demand.”
Gordon co-founded Aurora and has a long history in building high-growth technology companies. At Omron Adept Technology, a leader in advanced industrial robotics, he served as an executive officer on the team that led Adept’s turnaround to growth and profitability. At Norsat International, a supplier of satellite ground station equipment and systems, led business development for the commercial technology products, advancing the company’s market from components to systems. Gordon also spent 17 years with Nortel Networks and Bell-Northern Research in increasingly responsible positions in R&D, product marketing and business development. He is a senior member of the Institute of Electrical and Electronic Engineers and is a Registered Professional Engineer in British Columbia, Canada.
Gordon will be up for nomination to the Board of Directors at the upcoming annual general meeting.
About Aurora Solar Technologies:
Aurora’s mission is to deliver exceptional results to the photovoltaic industry through measurement, visualization and control of critical processes during solar cell manufacturing. We measure and map the results of critical cell fabrication processes, providing real-time visualization of material properties, cell parameters and production tool performance. Our products provide process engineers and production-line operators with the means to rapidly detect, analyze and correct process excursions, limit variations, and optimize processes, thereby increasing yield and profits. We are creating the quality control standard for the global photovoltaic manufacturing industry. For more information, Aurora’s website is located at www.aurorasolartech.com.
For further information contact:
Gordon Deans, P.Eng.
President and Chief Executive Officer
Aurora Solar Technologies Inc.
Phone: +1 (778) 241-5000
info@aurorasolartech.com