Hy-Drive Technologies proposes C$22.1 million placement of units

By Sheri Kasprzak

New York, Dec. 19 - Hy-Drive Technologies Ltd. plans to price a C$22.1 million private placement.

The offering includes units of one share and one half-share warrant with each whole warrant exercisable for two years.

The pricing terms of the offering have not yet been determined.

The deal is being placed through a syndicate of agents led by Capstone Investments, Haywood Securities Inc., Jennings Capital Inc. and Brant Securities Inc. The agents have a greenshoe for up to 1 million units exercisable up to 48 hours before closing.

The placement is set to close Dec. 27, but a portion may be completed in January.

Proceeds will be used to finance product rollout and introduce new products within new and existing markets. The proceeds will also be used for sales and marketing, research and development and patent applications, as well as general corporate purposes.

Toronto-based Hy-Drive develops hydrogen generation systems used for energy production.

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