Loewen, Ondaatje, McCutcheon helps finance product commercialization
By Devika Patel
Knoxville, Tenn., April 19 - Hy-Drive Technologies Ltd. said it plans a C$1.5 million private placement of units at C$0.15 apiece through agent Loewen, Ondaatje, McCutcheon Ltd.
The company will sell 10 million units of one common share and a half-share warrant on a best-efforts basis. Each whole, two-year warrant is exercisable at C$0.20.
The strike price reflects a 29.03% premium to the April 18 closing share price of C$0.155.
Proceeds will be used to accelerate the commercialization of the company's patented product, the blutip Power3, for the power generation market, further the developments of the company's software for existing control and telematic products for use in new combustion engine systems and applications as well as for general working capital purposes.
Toronto-based Hy-Drive develops hydrogen generation systems used for energy production.
| Issuer: | Hy-Drive Technologies Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 10 million
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Loewen, Ondaatje, McCutcheon Ltd.
|
| Pricing date: | April 19
|
| Stock symbol: | TSX Venture: HGS
|
| Stock price: | C$0.155 at close April 18
|
| Market capitalization: | C$10.92 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.
