By Devika Patel
Knoxville, Tenn., Oct. 28 - Dynamic Fuel Systems Inc. said it will raise C$2 million in a non-brokered private placement of units.
The company will sell units of one common share and one warrant at C$0.06 apiece. The warrants are exercisable at C$0.15 for five years.
Proceeds will be used for research and development, sales and marketing and general working capital purposes.
Based in Pickering, Ont., Dynamic Fuel makes a transportable hydrogen generator retrofit product that mixes hydrogen and oxygen in a vehicle's intake air to more completely burn fuel.
| Issuer: | Dynamic Fuel Systems Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 28
|
| Stock symbol: | TSX Venture: DYA
|
| Stock price: | C$0.06 at close Oct. 28
|
| Market capitalization: | C$5.71 million
|
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