By Sheri Kasprzak
New York, Sept. 9 - Azure Dynamics Corp. completed its previously announced private placement for C$11.05 million.
The company had intended to raise C$13,431,500 in the stock offering, but a statement from Azure said the deal was scaled down to "conform to the institutional investment advisors' internal policies."
At closing, the company had issued 11.05 million shares at C$1.00 each to a Boston-based institutional investor.
The offering was announced on Aug. 24 as being comprised of 13,431,500 shares under the same terms.
The proceeds 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$11.05 million
|
| Shares: | 11.05 million
|
| Price: | C$1.00
|
| Warrants: | No
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 9
|
| Stock price: | C$0.99 at close Aug. 24
|
| Stock price: | C$1.10 at close Sept. 9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
