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Canadian Solar Completes Stock Offering

By Eric Volkman - Sep 11, 2013 at 4:40PM

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The company nets around $48 million from the at-the-market issue.

Canadian Solar (CSIQ 2.32%) is now tens of millions of dollars richer following a fresh share issue. The company announced it has completed at-the-market issue of common stock that grossed around $50 million. All told, slightly over 3.77 million shares were sold at an average price of $13.25 apiece.

Canadian Solar said that its net take from the issue was around $48 million. It intends to put this to work "for general corporate purposes, which may include solar power project development expenses and working capital."

Credit Suisse was the offering's sales agent.

Currently, Canadian Solar has nearly 44 million shares outstanding, and its stock trades at $13.96 per share.

Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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