New Issue: Hy-Drive completes C$74,949 third tranche of C$4.27 million units sale

By Devika Patel

Knoxville, Tenn., June 29 - Hy-Drive Technologies Ltd. said it raised C$74,949 in the third tranche of a partially brokered private placement of units.

The deal priced for C$5 million on a best-efforts basis May 13; the company raised C$4.03 million on May 19 and completed a C$169,000 non-brokered tranche on June 10. It has raised C$4.27 million total and may issue additional units.

The company sold a total of 14,242,830 units of one common share and one half-share warrant at C$0.30 per unit. Each whole warrant is exercisable at C$0.46 for five years.

CapStone Investments was the agent for the brokered portion.

Proceeds will be used for working capital and general corporate purposes, research and development, capital expenditures and 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$4,272,850
Units:	14,242,830
Price:	C$0.30
Warrants:	One half-share warrant per unit
Warrant expiration:	Five years
Warrant strike price:	C$0.46
Agents:	CapStone Investments, non-brokered
Pricing date:	May 13
Settlement date:	May 19 (for C$4,028,001), June 10 (for C$169,000), June 29 (for C$74,949)
Stock symbol:	TSX Venture: HGS
Stock price:	C$0.37 at close May 12
Market capitalization:	C$19.8 million

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