Published on 5/14/2009 in the Prospect News PIPE Daily.
New Issue: Clean Air Power completes £2.38 million private placement of shares
By Devika Patel
Knoxville, Tenn., May 14 - Clean Air Power Ltd. said it raised £2.38 million in a private placement of shares.
The company sold 10,883,706 common shares at 21.85p apiece. Investors also received 5,441,853 warrants.
Proceeds will be used to advance in-house product development, provide working capital to support existing operations and to provide resources for the company's manufacturer cooperation activity.
London-based Clean Air Power develops and markets Dual-Fuel solutions to power heavy goods vehicles.
| Issuer: | Clean Air Power Ltd.
|
| Issue: | Common shares
|
| Amount: | £2,378,090
|
| Shares: | 10,883,706
|
| Price: | 21.85p
|
| Warrants: | 5,441,853
|
| Settlement date: | May 14
|
| Stock symbol: | London: CAP
|
| Stock price: | 26p at close May 11
|
| Market capitalization: | £12.4 million
|
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