North Coast Solar Stocks

October 19, 2009

Canadian Solar Announces Exercise of Option to Purchase Additional Shares

Filed under: CSIQ — Tags: , , , — Jason @ 7:26 am

7:26 am EDT, Monday October 19, 2009

ONTARIO, Canada, Oct. 19 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (the “Company”, “Canadian Solar” or “we”) (CSIQ) today announced that the underwriters of its previously announced follow-on public offering of common stock have fully exercised their option to purchase 900,000 additional shares of common stock. The option was granted in connection with the follow-on public offering of 6,000,000 shares of common stock at a public offering price of $15.75 per share. The exercise of the option brings the expected total net proceeds to approximately $103.3 million after underwriting discounts and commissions and before offering expenses.

The Company plans to use the net proceeds for general corporate purposes. Pending application of the funds, the Company expects to invest the net proceeds in short-term interest-bearing securities or bank deposits.

The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

Morgan Stanley, Deutsche Bank Securities Inc. and Piper Jaffray & Co. are serving as joint bookrunners of this offering, and Wells Fargo Securities is serving as co-manager. Copies of the final prospectus supplement may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10036. The Company’s final prospectus supplement may also be obtained from the U.S. Securities and Exchange Commission’s website at: http://www.sec.gov.

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