Victoria, British Columbia, Canada - Tuesday, November 22, 2005 - Carmanah Technologies Corporation ("Carmanah") (TSX VE: CMH) is pleased to announce that it has entered into an agreement with a syndicate of underwriters, led by GMP Securities Ltd. and including Canaccord Capital Corporation and Sprott Securities Inc., for a "bought-deal" private placement financing of common shares ("Common Shares") for gross proceeds of $10,000,000 (the "Private Placement").
Pursuant to the Private Placement, Carmanah will issue 3,125,000 Common Shares at a price of $3.20 per Common Share.