By Sheri Kasprzak
Atlanta, April 18 - Alternative Fuel Systems Inc. said it has raised C$300,000 in its proposed C$1.5 million private placement.
The company sold 2 million units at C$0.15 each.
The units include one share and one half-share warrant. The full warrants allow for an additional share at C$0.20 each for 18 months.
The shares associated with the 2 million units sold in the offering thus far are subject to a four-month hold.
The shares associated with the remaining 8 million units are not subject to a hold, and the related warrants will have a term of one year.
Placement agent First Associates Investments Inc. has the option to buy up to 1.5 million units at C$0.15 each for 18 months.
The offering was first announced March 1 as a C$1.5 million deal comprised of 10 million units under the same terms.
Based in Calgary, Alta., Alternative Fuel Systems develops engine components that enable diesel- or gasoline-powered engines to operate on natural gas.
| Issuer: | Alternative Fuel Systems Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$300,000
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| Units: | 2 million
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| Price: | C$0.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.20
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| Placement agent: | First Associates Investments Inc.
|
| Settlement date: | April 18
|
| Stock price: | C$0.29 at close April 15
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