CTW Bluescout Technologies Ltd.

MANASSAS, VA, Aug. 8, 2011 /CNW/ -- /Not for Distribution to United States Newswire Services or for Dissemination in the United States/ MANASSAS, VA, Aug. 8, 2011 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW), providers of laser-based wind sensor products and technology, has completed its previously announced best efforts short form prospectus offering of units and common shares of the Company for aggregate proceeds of approximately CDN$15,051,180. Each unit was priced at CDN$0.40 and consisted of one common share and one-half of one common share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.60 per share at any time before 5:00 p.m. (Toronto time) on the date that is two years following the closing of the offering. Each common share sold separately from units was priced at CDN$0.35. The offering was led by Jacob Securities Inc. (the "Agent"). The Company has granted the Agent an over-allotment option to purchase up to an additional 15% of the number of units and common shares issued pursuant to the offering on the same terms and conditions as the offering, exercisable in whole or in part for a period of up to 30 days following the closing of the offering. The Agent received a cash fee equal to 6% of the gross proceeds raised through the offering. In addition, the Company granted the Agent compensation options exercisable for a period of 24 months following the closing of the offering to purchase up to that number of units and common shares as is equal to 6% of the aggregate number of units and common shares sold pursuant to the offering at an exercise price per unit equal to the unit offering price and an exercise price per share equal to the share offering price. Various Hunter Hall entities, which collectively have beneficial ownership of, or control or direction over, common shares of the Company carrying more than 10% of the voting rights attached to all outstanding voting securities of the Company, acquired an aggregate of 25,714,285 common shares under the offering, representing approximately 61% of the total number of common shares issued under the offering (including common shares forming part of units). Following completion of the offering, the Company believes that these parties will collectively have beneficial ownership of, or control or direction over, approximately 48,457,944 common shares of the Company, which represents approximately 39.55% of the total number of outstanding shares of the Company post-offering. In addition, Philip Rogers and Alisa Rogers, who jointly have beneficial ownership of, or control or direction over, common shares of the Company carrying more than 10% of the voting rights attached to all outstanding voting securities of the Company, directly and indirectly acquired an aggregate of 262,500 common shares under the offering, representing approximately 0.01% of the total number of common shares issued under the offering (including common shares forming part of units). Following completion of the offering, the Company believes that these parties will collectively have beneficial ownership of, or control or direction over, 26,733,088 common shares of the Company, which represents 21.82% of the total number of outstanding shares of the Company post-offering. The participation of these parties in the offering constitutes a related party transaction under Canadian Multilateral Instrument 61-101 ("MI 61-101"), but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101. These entities agreed to the same terms and conditions as each other subscriber under the offering. The offering remains subject to receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange. About Catch the Wind Ltd. Catch the Wind Ltd. is a high-growth technology company headquartered in Manassas, Virginia. The Company was founded in 2008 to develop and manufacture the Vindicator(®) laser wind sensor. Catch the Wind serves the commercial market sector for laser based wind sensor systems, recognized as the "gold standard" in wind measurement. The Company is focused on becoming a major contributor in making clean, renewable wind energy more affordable and profitable. For more information, visit www.catchthewindinc.com. Forward-Looking Information This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of Catch the Wind. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Catch the Wind believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Catch the Wind disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/08/c2210.html table border="0" tr td align="left" Catch the Wind Ltd.      /td td align="right"   /td td align="right"   /td td align="right"   /td td valign="top" align="left" TMX Equicom /td /tr tr td align="left" Claudia Jaques      /td td align="right"   /td td align="right"   /td td align="right"   /td td valign="top" align="left" Philip Dale /td /tr tr td align="left" Vice President and General Counsel    /td td align="right"   /td td align="right"   /td td align="right"   /td td valign="top" align="left" Investor Relations /td /tr tr td align="left" 703-393-0754       /td td align="right"   /td td align="right"   /td td align="right"   /td td valign="top" align="left" 416-815-0700 ext. 253 /td /tr tr td align="left" a cr="true" href="mailto:cjaques@catchthewindinc.com"cjaques@catchthewindinc.com/a     /td td align="right"   /td td align="right"   /td td align="right"   /td td valign="top" align="left" a cr="true" href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/a /td /tr /table

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