PV project developer Solar Power Inc (SPI) has raised US$25 million from its latest private placing in a deal that could be worth up to double that amount.
The placement was formally announced last month with the intention of raising up to US$50 million, and today the company confirmed in a statement to the market that it had sold approximately US$25 million of common stock to a non-US investor at a price of US$2.70 per share.
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SPI also confirmed that the investor has been granted the option to acquire a further US$25 million of common stock at the same price which ix exercisable within seven months.
The announcement comes less than a fortnight after SPI raised up to US$40 million from Vision Edge and follows a string of similar financial deals, including a strategic partnership with Kong Sun Holdings Company.