By Susanna Moon
Chicago, June 16 - Turbo Power Systems Inc. said it completed a £6.5 million private placement to TAO Sustainable Power Solutions, a wholly owned subsidiary of Vale Solucoes em Energia SA.
Turbo Power sold 1.08 billion common shares to TAO at 0.6p per share.
The shares represent 55.2% of Turbo's outstanding common shares and are subject to a Canadian statutory hold period that expires on Oct. 17.
The shares have been admitted to trading on AIM and have received approval for listing on the Toronto Stock Exchange on Thursday.
Based in West Drayton, England, Turbo Power designs and manufactures motors and generators for industrial, transport, power generation and military applications.
| Issuer: | Turbo Power Systems Inc.
|
| Issue: | Common shares
|
| Amount: | £6.5 million
|
| Shares: | 1,083,333,334
|
| Price: | 0.6p
|
| Investor: | TAO Sustainable Power Solutions
|
| Announcement date: | June 16
|
| Stock symbol: | London: TPS
|
| Stock price: | 1.18p at close on June 15
|
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