By Devika Patel
Knoxville, Tenn., Oct. 28 - Dynamic Fuel Systems Inc. said it will raise C$2 million in a non-brokered private placement of units.
The company will sell units of one common share and one warrant at C$0.06 apiece. The warrants are exercisable at C$0.15 for five years.
Proceeds will be used for research and development, sales and marketing and general working capital purposes.
Based in Pickering, Ont., Dynamic Fuel makes a transportable hydrogen generator retrofit product that mixes hydrogen and oxygen in a vehicle's intake air to more completely burn fuel.
Issuer: | Dynamic Fuel Systems Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$2 million
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Price: | C$0.06
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Warrants: | One warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | C$0.15
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Agent: | Non-brokered
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Pricing date: | Oct. 28
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Stock symbol: | TSX Venture: DYA
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Stock price: | C$0.06 at close Oct. 28
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Market capitalization: | C$5.71 million
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