By Devika Patel
Knoxville, Tenn., June 10 - Hy-Drive Technologies Ltd. said it completed a C$169,000 non-brokered second tranche of a C$4.2 million partially brokered private placement of units. The deal priced for C$5 million on a best-efforts basis May 13 and the company raised C$4.03 million on May 19.
The company sold a total of 33.99 million units of one common share and one half-share warrant at C$0.30 apiece. Each whole warrant is exercisable at C$0.46 for five years.
CapStone Investments was the agent for C$3.9 million. The remainder was non-brokered.
Proceeds will be used for working capital and general corporate purposes, research and development, capital expenditures and intellectual property protection.
Toronto-based Hy-Drive develops hydrogen generation systems used for energy production.
| Issuer: | Hy-Drive Technologies Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4,197,000
|
| Units: | 33.99 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.46
|
| Agents: | CapStone Investments (for C$3.9 million), non-brokered (for C$297,000)
|
| Pricing date: | May 13
|
| Settlement date: | May 19 (for C$4,028,001), June 10 (for C$169,000)
|
| Stock symbol: | TSX Venture: HGS
|
| Stock price: | C$0.37 at close May 12
|
| Market capitalization: | C$19.7 million
|
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