By Laura Lutz
Des Moines, Oct. 26 - Zongshen PEM Power Systems Inc. arranged a private placement of units for up to C$1.52 million and at least C$1.2 million.
The company plans to sell up to 9.5 million units and at least 7.5 million units at C$0.16 each. Each unit will consist of one share and one half-share warrant, with each warrant exercisable at C$0.25 for two years.
The deal will be non-brokered.
Zongshen is a producer of fuel cell systems and related membrane electrode assembly technologies based in Richmond, B.C.
| Issuer: | Zongshen PEM Power Systems Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.52 million (maximum); C$1.2 million (minimum)
|
| Units: | 9.5 million (maximum); 7.5 million (minimum)
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Stock symbol: | TSX Venture: ZPP
|
| Stock price: | C$0.11 at close Oct. 25
|
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