ReneSola announces pricing of registered direct offering of $70 Million

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ReneSola announces the pricing of a registered direct offering of approximately $70M in American Depositary Shares (ADSs), each representing two shares of the company, at a price of $4.67 per ADS.  

 ReneSola announced the pricing of a registered direct offering of approximately $70M in American Depositary Shares (ADSs), each representing two shares of the company, at a price of $4.67 per ADS.

Investors will also receive 35% warrant coverage in the offering with an initial exercise price of $6.04 per ADS or $3.02 per share. The warrants will expire four years from the date of issuance.

Roth Capital Partners served as the sole placement agent in the offering. After deducting the placement agent fees and estimated offering expenses payable by the company, ReneSola expects to receive net proceeds of approximately $65.9M. The offering is expected to close on September 16th, 2013, subject to customary closing conditions.

ReneSola is offering the securities pursuant to a shelf registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC). A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website.