By Devika Patel
Knoxville, Tenn., April 12 - Dynamic Fuel Systems Inc. said it took in C$1.08 million in a private placement of units. The deal priced for C$1.5 million on Feb. 5.
The company sold 21.5 million units of one common share and one warrant at C$0.05 apiece. The warrants are exercisable at C$0.10 for five years.
Proceeds will be used to retire liabilities, for research and development, sales and marketing and for 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.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,075,000
|
| Units: | 21.5 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Feb. 5
|
| Settlement date: | April 12
|
| Stock symbol: | TSX Venture: DYA
|
| Stock price: | C$0.035 at close Feb. 4
|
| Market capitalization: | C$4.92 million
|
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