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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (4159)	11/22/1999 4:26:00 PM
From: blue_chip	Read Replies (1) \| Respond to of 6016

Global Thermoelectric Inc. Announces Sale of an Additional 1,800,000 Special Warrants CALGARY, Nov. 22 /CNW/ - Global Thermoelectric Inc. (TSE: GLE) announced today that it has sold an additional 1,800,000 Special Warrants at a price of $8.50 each in its previously announced private placement led by Sprott Securities Limited. This sale completes both the offering and its associated overallotment option. As a result, additional gross proceeds of $15.3 million will be received by Global upon closing, expected to occur Tuesday, November 30, 1999. The first closing under the offering took place on October 21, 1999 with gross proceeds to the corporation of $12.75 million. ``We are pleased that the offering has been fully sold, including the overallotment option,' said Jim Perry, President and Chief Executive Officer. ``This successful financing gives us the resources to procure the equipment and facilities needed to begin pilot scale production of solid oxide fuel cell components and systems. Now we can concentrate our efforts on getting into production as quickly as possible.' Global Thermoelectric Inc. has become a world leader in the development of solid oxide fuel cell power systems that can operate on hydrocarbon fuels and which are intended for oil & gas, telecommunications, automotive and home power applications. The Calgary-based company is also the world's largest supplier of thermoelectric power generation equipment for use in remote locations, and produces crew compartment heaters for use in tracked military vehicles for the U.S. military and NATO countries. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The special warrants offered, and the common shares issuable upon exercise thereof, will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person, absent registration, or an applicable exemption from the registration requirements of such Act. NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES %SEDAR: 00002531E -30- For further information: Jim Perry, President and CEO or Larry Kyle, Chief Financial Officer at (403)-236-5556 GLOBAL THERMOELECTRIC INC. has 51 releases in this database.