By Sheri Kasprzak
Atlanta, Feb. 15 - Azure Dynamics Corp. said it plans to raise £5.25 million in a private placement of stock.
The company intends to sell 12,805,000 shares at 41p each. The offering accounts for 10% of the company's share capital.
The sale is conditional upon the shares involved in the transaction being admitted to the London Stock Exchange's AIM Exchange by Feb. 28.
Numis Securities Ltd. is the placement agent in the deal.
Based in Toronto, Azure develops and produces hybrid electric and electric commercial and military vehicles and systems. The proceeds from the private placement will be used for working capital.
| Issuer: | Azure Dynamics Corp.
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| Issue: | Stock
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| Amount: | £5.25 million
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| Shares: | 12,805,000 |
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| Price: | 41p
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| Warrants: | No
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| Placement agent: | Numis Securities Ltd.
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| Pricing date: | Feb. 15
|
| Stock price: | 43.25p at close Feb. 15
|
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