By Devika Patel
Knoxville, Tenn., June 18 - Azure Dynamics Corp. said it completed a C$6.32 million non-brokered private placement of stock.
The company sold 21.08 million common shares at C$0.30 per share to a subsidiary of Johnson Controls Inc.
As a result of this, Johnson Controls' subsidiary now holds about 3.4% of the company's outstanding shares.
Proceeds will be used to fund ongoing product development and commercialization efforts as well as for 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$6,324,000
|
| Shares: | 21.08 million
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Johnson Controls Inc.
|
| Settlement date: | June 18
|
| Stock symbol: | TSX Venture: AZD
|
| Stock price: | C$0.345 at close June 17
|
| Market capitalization: | C$209 million
|
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