By Devika Patel
Knoxville, Tenn., March 28 - Odyne Corp. said it has completed a $7 million private placement of units.
The company sold units at $0.60 apiece. Each unit consists of one common share and one warrant. Each warrant is exercisable at $0.72 for five years.
The Quercus Trust was the lead investor. vFinance Investments, Inc. was the agent.
Proceeds will be used for working capital and capital expenditure requirements.
Hauppauge, N.Y.-based Odyne develops and manufactures propulsion systems for advanced plug-in hybrid electric vehicles.
| Issuer: | Odyne Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $7 million
|
| Price: | $0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.72
|
| Agent: | vFinance Investments, Inc.
|
| Investor: | Quercus Trust (lead)
|
| Settlement date: | March 28
|
| Stock symbol: | OTCBB: ODYC
|
| Stock price: | $0.55 at close March 27
|
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