Real Goods Solar Completes $9.25 Million Private Placement of Equity
LOUISVILLE, Colo., June 3, 2013 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc.
(Nasdaq:RSOL), a nationwide leader of turnkey solar energy solutions for
residential, commercial, and utility customers, has completed its previously
announced private placement equity financing for gross proceeds of
approximately $9.25 million.
After paying placement agent fees and offering expenses, the company plans to
use the net proceeds of approximately $8.4 million to further strengthen its
sales, marketing, and overall operational capabilities, as well as enhance its
balance sheet through debt reduction.
The financing terms included the sale of 3,366,974 shares of Class A common
stock at a per share price of $2.75 and warrants to purchase 1,683,488 shares
of Class A common stock, with a term of five years from the closing date and
an exercise price of $2.75 per share.
"The successful completion of this funding demonstrates investor confidence in
the improvements we have achieved in our sales volume and operational
activities in the last few quarters, as well as our strengthening position as
a leading downstream solar solutions provider," said Real Goods Solar CEO Kam
Mofid. "It also affirms the exciting near and longer term growth opportunities
we have in front of us."
"With the decreasing costs of solar energy and very compelling economic and
environmental benefits, we expect the sector to remain strong and we are
excited to continue to play a significant role in bringing 100% clean and
renewable energy to the mainstream," continued Mofid. "This new injection of
capital will enable us to further improve our operational capabilities,
increase our depth and market reach, and better provide superior solar
solutions and services to our customers."
ROTH Capital Partners, LLC acted as the sole placement agent for the offering.
About Real Goods Solar and RGS Energy
Real Goods Solar, Inc. (RSOL) is one of the nation's pioneering solar energy
companies serving commercial, residential, and utility customers. Beginning
with one of the very first photovoltaic panels sold in the U.S. in 1978, the
company has installed more than 14,500 solar power systems representing over
100 megawatts of 100% clean renewable energy. Real Goods Solar makes it very
convenient for customers to save on their energy bill by providing a
comprehensive solar solution, from design, financing, permitting and
installation to ongoing monitoring, maintenance and support. As one of the
nation's largest and most experienced solar power players, the company has 15
offices across the West and the Northeast. It services the commercial and
utility markets through its RGS Energy division. For more information, visit
RealGoodsSolar.com or RGSEnergy.com, on Facebook at
http://facebook.com/realgoodssolar and on Twitter at
This press release includes forward-looking statements relating to matters
that are not historical facts. Forward-looking statements may be identified by
the use of words such as "expect," "intend," "believe," "will," "should" or
comparable terminology or by discussions of strategy. While Real Goods Solar
believes its assumptions and expectations underlying forward-looking
statements are reasonable, there can be no assurance that actual results will
not be materially different. Risks and uncertainties that could cause
materially different results include, among others, failure to close the
above-reference sale of securities, introduction of new products and services,
completion and integration of acquisitions, the possibility of negative
economic conditions, and other risks and uncertainties included in Real Goods
Solar's filings with the Securities and Exchange Commission. Real Goods Solar
assumes no duty to update any forward-looking statements.
CONTACT: Media and Investor Relations Contact:
Liolios Group, Inc.
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