Canadian Solar Announces Follow-on Public Offering

PR Newswire

posted: 44 DAYS 3 HOURS AGO

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ONTARIO, Canada, Oct. 13 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced that it intends to offer, subject to market and other conditions, approximately 6 million shares of common stock. In connection with this offering, the underwriters will have an option to purchase up to an additional 900,000 shares of common stock. The company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933.

The company plans to use the net proceeds for general corporate purposes. Pending application of the funds, the Company expects to invest the net proceeds in short-term interest-bearing securities or bank deposits.

The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

Morgan Stanley, Deutsche Bank Securities Inc. and Piper Jaffray & Co. are serving as joint bookrunners of this offering, and Wells Fargo Securities is serving as co-manager. Copies of the preliminary prospectus supplement and final prospectus supplement, when available, may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, NY 10036. The Company's F-3 Registration Statement and preliminary prospectus supplement are available from the U.S. Securities and Exchange Commission's website at: www.sec.gov .

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is a vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on-grid and off-grid use to customers worldwide. For more information, visit

www.canadian-solar.com .

Safe Harbor/Forward-Looking Statements

Certain statements in this press release including statements related to the offering and the expected use of proceeds are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Factors that could cause actual results to differ are described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 8, 2009, as amended by its report on Form 20-F/A, filed on

October 13, 2009.

SOURCE Canadian Solar Inc.

2009-10-13 22:18:00