Company plans to use deal's proceeds for working capital and projects
By Devika Patel
Knoxville, Tenn., Nov. 29 - Clean Air Power Ltd. said it completed a £1.6 million private placement of stock. Seymour Pierce Ltd. was the agent for the oversubscribed deal.
The company sold 40,064,099 common shares at 4p each. The per-share price is identical to the Nov. 28 closing share price of 4p and also equals the Nov. 28 closing mid market price.
Inside investors included John Pettitt, Peter Rowse, Rodney Westhead, Ulrich Wohr, Karl-Viktor Schaller and Bernard Lord.
Proceeds will be used for working capital and to support projects.
London-based Clean Air Power develops and markets Dual-Fuel solutions to power heavy goods vehicles.
| Issuer: | Clean Air Power Ltd.
|
| Issue: | Common shares
|
| Amount: | £1,602,564
|
| Shares: | 40,064,099
|
| Price: | 4p
|
| Warrants: | No
|
| Agent: | Seymour Pierce Ltd.
|
| Investors: | John Pettitt, Peter Rowse, Rodney Westhead, Ulrich Wohr, Karl-Viktor Schaller and Bernard Lord
|
| Settlement date: | Nov. 29
|
| Stock symbol: | London: CAP
|
| Stock price: | 3.82p at close Nov. 29
|
| Market capitalization: | £4 million
|
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