Aurora Solar Technologies Inc. ("Aurora")("Company") (TSX VENTURE:ACU)(OTCBB:AACTF)(FRANKFURT:A82), a leader in inline measurement and control technology for the photovoltaic manufacturing industry is pleased to announce it has increased its non-brokered private placement in excess of the target of $750,000, and is expected to close in the next few days.
Each Unit consists of one common share (a "Share") and one purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one additional Share (a "Warrant Share") for a period of 24 months at a price of $0.25 per Warrant Share. All securities will be subject to a 4-month hold period. All funds will be used for general working capital purposes.
The Company also announces the resignation of Thomas Schmidt from the Board of Directors effective June 30, 2016. The Company thanks Mr. Schmidt for his years of service and wishes him well in the future.
The company is also pleased to announce that Michael Heaven, Executive Chairman, has strengthened his role within the company and will continue as President and Chief Executive Officer. Mr. Heaven has over 18 years of process control and automation experience with Measurex, Honeywell and Dofasco as well as 15 years of business leadership experience at the C-level. He commented "as a founder of Aurora and a passionate advocate for in-line measurement and quality control, especially as the photovoltaic industry pushes the envelope in cell efficiency, I have never been more excited about the future of our company to deliver exceptional value for our customers, shareholders and employees."
Aurora Solar Technologies Inc. produces measurement and control solutions which allow solar cell producers to improve manufacturing yield, lower costs, decrease waste and attain higher margins. Headquartered in North Vancouver, Canada, and founded by experienced leaders in process measurement, semiconductor manufacturing and industrial automation, the Company's shares are listed on the TSX Venture Exchange and trade under the symbol "ACU". The Company was formerly "ACT Aurora Control Technologies".