By Laura Lutz
Des Moines, June 14 - Zongshen PEM Power Systems Inc. arranged a private placement of units for up to C$5.13 million.
The company plans to sell 9 million units of one share and one half-share warrant at C$0.57 per unit. Each whole warrant will be exercisable at C$0.89 for 18 months.
The placement will be non-brokered.
Proceeds will be used for working capital.
Richmond, B.C.-based Zongshen focuses on fuel-cell and related electrode-assembly technology.
| Issuer: | Zongshen PEM Power Systems Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5.13 million
|
| Units: | 9 million
|
| Price: | C$0.57
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.89
|
| Agent: | Non-brokered
|
| Pricing date: | June 14
|
| Stock symbol: | TSX Venture: ZPP
|
| Stock price: | C$0.75 at close June 14
|
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