By Sheri Kasprzak
New York, Dec. 7 - Dynamic Fuel Systems Inc. said it pans to raise C$1 million in a non-brokered private placement.
The company plans to sell 20 million units of one share and one warrant.
The warrants are exercisable at C$0.10 each for two years.
So far, the company has received a commitment for 5 million units from Alexander Thomas Fairfull.
Proceeds will be used for working capital.
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 share and one warrant
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| Amount: | C$1 million
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| Units: | 20 million
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| Price: | C$0.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.10
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| Pricing date: | Dec. 7
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| Stock price: | C$0.055 at close Dec. 7
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