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Carmanah Technologies Corp. recently completed a private placement of more than 4.6 million common shares that generated $15 million. The company issued the common shares at a price of $3.20 per share.

Carmanah plans to use the proceeds to expand plants in Victoria, British Columbia; Calgary, Alberta; Santa Cruz, Calif.; and London. The company also will use funds to acquire firms in the solar and light-emitting diode (LED) product markets, and increase working capital.

GMP Securities L.P. managed the private placement; Canaccord Capital Corp. and Sprott Securities Inc. served as underwriters.

Carmanah supplies solar-powered LED lighting and illumination products to the transit, marine, aviation, roadway, industrial and illuminated signage markets.