Company plans to use deal's proceeds for working capital and projects
By Devika Patel
Knoxville, Tenn., Sept. 29 - Clean Air Power Ltd. said it will sell 18 million shares in a private placement.
The company is selling shares at 12.5p each for £2.25 million in proceeds. The per-share price is a 5.66% discount to the Sept. 28 closing share price of 13.25p and a 3.85% discount to the closing mid-market price of 13p on Sept. 28.
Settlement is expected Oct. 6.
Proceeds will be used to supplement working capital and to support certain existing and potential new projects.
London-based Clean Air Power develops and markets Dual-Fuel solutions to power heavy goods vehicles.
| Issuer: | Clean Air Power Ltd.
|
| Issue: | Shares
|
| Amount: | £2.25 million
|
| Shares: | 18 million
|
| Price: | 12.5p
|
| Warrants: | No
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 6
|
| Stock symbol: | London: CAP
|
| Stock price: | 12.5p at close Sept. 29
|
| Market capitalization: | £7.56 million
|
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