Fuel Cell arranges private placement of units for C$8 million

By Sheri Kasprzak

Atlanta, April 12 - Fuel Cell Technologies Corp. said it is arranging a private placement of units for C$8 million.

The company plans to sell units of one share and one half-share warrant. The whole warrants are exercisable for two years.

The terms of the offering are still be negotiated with placement agents Fraser Mackenzie Ltd. and CIBC World Markets Inc. Sprott Securities Inc. will be a sub-agent in the offering.

Based in Kingston, Ont., Fuel Cell develops and produces solid oxide fuel cell systems. The company plans to use the proceeds for product enhancement, increased production and commercialization.

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