By Sheri Kasprzak
Atlanta, June 28 - Hy-Drive Technologies Ltd. said it has completed a private placement for C$2.56 million.
The company issued 4 million units at C$0.64 each to institutional investors in the United States, Canada and Europe, including existing investors.
The units include one share and one warrant for 0.6 of a share. The full warrants provide for an additional share at C$0.80 each for two years.
Capstone Investments was the placement agent.
Based in Mississauga, Ont., Hy-Drive develops technologies that inject hydrogen gas into combustion engines. The proceeds will be used for tooling and equipment requirements, inventory, sales and marketing, research and development, patent applications, working capital and general corporate purposes.
| Issuer: | Hy-Drive Technologies Ltd.
|
| Issue: | Units of one share and one warrant for 0.6 of a share
|
| Amount: | C$2.56 million
|
| Units: | 4 million
|
| Price: | C$0.64
|
| Warrants: | One warrant for 0.6 of a share
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80
|
| Placement agent: | Capstone Investments
|
| Settlement date: | June 28
|
| Stock price: | C$0.75 at close June 27
|
|
|
© 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.
