GUELPH, Ontario, Sept. 11, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced the completion of the Company's at-the-market offering of common shares previously announced on August 15, 2013.
Upon the completion of the offering, the Company had sold 3,772,254 of its common shares at an average price of $13.25 per share, raising approximately $50.0 million in gross proceeds. The common shares were offered through Credit Suisse as sales agent. The Company received net proceeds of approximately $48.0 million from the offering after deducting the sales agent's commissions and estimated offering expenses. Canadian Solar intends to use the net proceeds from the offering for general corporate purposes, which may include solar power project development expenses and working capital.
The common shares were offered under the Company's existing shelf registration statement which has become effective. A prospectus supplement and a related base prospectus describing the terms of the offering have previously been filed with the Securities and Exchange Commission. A copy of the prospectus supplement and the base prospectus relating to these securities may be obtained from Credit Suisse Securities ( USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY, 10010, by phone at (800) 221-1037, or by e-mail at firstname.lastname@example.org.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.