Canadian Solar Announces Closing of Follow-On Offering of Common Shares

Wednesday, July 23, 2008 8:31 AM

JIANGSU, China, July 23 /Xinhua-PRNewswire/ -- Canadian Solar Inc. (Nasdaq: CSIQ) ('Canadian Solar' or the 'Company') today announced the closing of its follow-on public offering of 3,500,000 common shares at a public offering price of $34.00 per share (the 'Offering'). The net proceeds to Canadian Solar from the sale of the 3,500,000 common shares are approximately $112.7 million after deducting underwriting discounts and commissions. The Company has granted the underwriters a 30-day option to purchase up to an additional 525,000 shares, solely to cover over allotments. Deutsche Bank Securities Inc. and Piper Jaffray & Co. acted as joint bookrunners for the Offering.

This communication shall 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 state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Certain statements in this press release may be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Generally, the words 'believe,' 'expect,' 'intend,' 'anticipate,' 'will,' 'may' and similar expressions identify forward-looking statements. These statements are only predictions. The Company makes these forward-looking statements based on information available on the date hereof, and it has no obligation (and expressly disclaims any such obligation) to update or alter any such forward- looking statements, whether as a result of new information, future events, or otherwise. See the Company's Form 20-F for the period ended December 31, 2007 for a further discussion of these and other risks and uncertainties applicable to the Company's business.

    For more information, please contact:
    In Jiangsu, P.R. China
     Alex Taylor, IR Director
     Canadian Solar Inc.
     Tel:   +86-512-6690-8088
     Email: ir@csisolar.com
    In the U.S.
     John Robertson
     The Ruth Group
     Tel:   +1-646-536-7024
     Email: jrobertson@theruthgroup.com

SOURCE Canadian Solar Inc.

(Source: PR Newswire )

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