By Devika Patel
Knoxville, Tenn., July 29 - Azure Dynamics Corp. priced a C$10 million private placement of stock. The deal was announced on June 11.
The company will sell 58,823,529 common shares at C$0.17 apiece on a best-efforts basis.
The offering will be conducted via a syndicate of agents co-led by Raymond James Ltd. and TD Securities Inc. and including Paradigm Capital Inc. and Stonegate Securities, Inc. as co-managers.
Settlement is expected on Aug. 13.
Proceeds will be used to fund Azure Dynamics' ongoing product development and commercialization efforts as well as general corporate purposes.
Azure Dynamics is a Toronto-based hybrid electric vehicle and electric vehicle control and powertrain systems supplier.
| Issuer: | Azure Dynamics Corp.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 58,823,529
|
| Price: | C$0.17
|
| Warrants: | No
|
| Agent: | Raymond James Ltd. and TD Securities Inc. (co-leads)
|
| Announcement date: | June 11
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 13
|
| Stock symbol: | Toronto: AZD
|
| Stock price: | C$0.20 at close July 29
|
| Market capitalization: | C$75.9 million
|
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