Shear Wind Inc. of Halifax has raised $1.6 million toward the development of its $150-million wind park in Pictou County, the company announced Wednesday.
The company also said the deal is subject to a four-month hold.
When the company announced Sept. 2 it was trying to raise money, it stated that "certain key shareholders" of Shear Wind, one of whom is an insider, had sold their shares through the TSX Venture Exchange and Blackmont Capital Inc. in order to raise some of the cash. Blackmont Capital received a commission of $160,150 for the deal.
Shear Wind, which was founded in 2005, is developing the 60-megawatt Glen Dhu wind park near Merigomish.
That project is slated to begin generating power by as early as December 2009. But it has upset people who live nearby who said recently that the windmills will be closer to their homes than Shear Wind had first indicated.
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