By Sheri Kasprzak
New York, Aug. 24 - Azure Dynamics Corp. said it has received an agreement for a C$13,431,500 private placement.
The company will issue 13,431,500 shares at C$1.00 each to a Boston-based institutional investor.
The deal is expected to close on Aug. 31.
The proceeds from the deal will be used for the company's commercialization strategy.
Based in Toronto, Azure develops hybrid electric and electric powertrains for commercial and military vehicles.
| Issuer: | Azure Dynamics Corp.
|
| Issue: | Stock
|
| Amount: | C$13,431,500
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| Shares: | 13,431,500
|
| Price: | C$1.00
|
| Warrants: | No
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 31
|
| Stock price: | C$0.99 at close Aug. 24
|
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