VRB Power to raise C$10 million to C$15 million in private placement

By Sheri Kasprzak

Atlanta, June 28 - VRB Power Systems Inc. said it intends to raise between C$10 million and C$15 million in a private placement of special warrants.

The special warrants will be sold at between C$0.75 and C$0.80 each.

The exact terms of the offering have not yet been determined.

The offering, which is expected to close July 12, is being placed through a syndicate of underwriters led by Sprott Securities Inc. and including Loewen, Ondaatje, McCutcheon Ltd. and Fraser Mackenzie Ltd.

The proceeds will be used for commercialization and mass production of the company's 5kw VRB-ESS product and for opportunities in the energy storage sector. The remainder will be used for working capital.

Based in Vancouver, B.C., VRB Power is an electrochemical energy storage company.

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