Wall Street News Alert: Breaking News: Navajo Wind Energy - November 3, 2009
November 03 2009 - 8:38AM
Marketwired
Wall Street News Alert's "stocks to watch" this morning are: Navajo
Wind Energy Corp. (PINKSHEETS: CLBN), Ford Motor Company (NYSE: F),
Trina Solar Limited (NYSE: TSL) and Apache Corporation (NYSE: APA).
Yesterday after the markets closed, Navajo Wind Energy Corp.
(formerly Caliber Energy Inc) (PINKSHEETS: CLBN) issued a press
release announcing the completion of the third tranche of its
previously announced $50 million financing. Navajo Wind Energy is a
renewable energy company focused on creating electricity from the
power of wind.
Navajo will receive gross proceeds of $15 million for the
issuance of a promissory note, which is subject to a hold period of
two years plus one day from the date of issuance in accordance with
the agreement. The funding is expected to be received on November
16, 2009, with the net proceeds of the third tranche being
approximately $13.8 million after deducting the placement agents'
fees and estimated offering expenses.
Navajo will allocate $13,500,000 of the net proceeds to fund the
previously announced acquisition of 200 MW Xinjiang Wind Farm
Project ("Xinjiang"), see press release of February 25, 2009. The
remaining funds will be used as working capital for the Company. To
date the Company has received $18.4 million of which $18 million
have been used to fund the 200 MW Xinjiang Wind Farm Project.
The stock closed yesterday at over a Penny a share.
For an in-depth profile of Navajo Wind Energy, visit
http://wallstreetnewsalert.com/view-company-profiles.php?profile=CLBN_110209.
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Ford Motor Company (NYSE: F) up 8.2% on 208.3 million shares
traded. Ford Motor Company, one of the global automotive industry
leaders, based in Dearborn, Mich., manufactures or distributes
automobiles across six continents.
Trina Solar Limited (NYSE: TSL) up 5.2% on 1.3 million shares
traded. Trina Solar Limited is a well recognized manufacturer of
high quality modules and has a long history as a solar PV pioneer
since it was founded in 1997 as a system installation company.
Apache Corporation (NYSE: APA) up 1.4% on 3.7 million shares
traded. Apache Corporation is an oil and gas exploration and
production company with operations in the United States, Canada,
Egypt, the United Kingdom North Sea, Australia and Argentina.
Market Commentary:
The Institute for Supply Management said its index of national
factory activity rose to 55.7 in October from 52.6 in September.
The median forecast of 74 economists surveyed by Reuters was for a
reading of 53.
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