By Devika Patel
Knoxville, Tenn., May 13 - Hy-Drive Technologies Ltd. said it plans a C$5 million private placement of units via agent CapStone Investments.
The company will sell 16,666,667 units of one common share and one half-share warrant at C$0.30 per unit on a best-efforts basis.
Each whole warrant is exercisable at C$0.46 for five years.
Proceeds will be used for working capital and general corporate purposes, for research and development, for capital expenditures and for intellectual property protection.
Toronto-based Hy-Drive develops hydrogen generation systems used for energy production.
| Issuer: | Hy-Drive Technologies Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 16,666,667
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.46
|
| Agents: | CapStone Investments
|
| Pricing date: | May 13
|
| Stock symbol: | TSX Venture: HGS
|
| Stock price: | C$0.37 at close May 12
|
| Market capitalization: | C$22.7 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
