NaiKun Wind Energy Group Inc. signed an engagement agreement with Cormark Securities Inc. for the sale of shares on a private placement basis for gross proceeds of CAN$35,155,000.
In addition, Cormark will have an option to increase the offering by 1,500,000 Common Shares. NaiKun is proposing a five phase 1,750MW offshore wind energy project in Hecate Strait between Haida Gwaii (the Queen Charlotte Islands) and Prince Rupert in British Columbia. Construction of the first phase (320MW) is expected to commence in 2009.