New York, Dec. 8 - Zongshen PEM Power Systems Inc. completed its previously announced private placement of units at a size of C$1.336 million.
The company sold 8.35 million units at C$0.16 each.
Zongshen PEM had announced the deal on Oct. 26 at a size of up to C$1.52 million and at least C$1.2 million, to be made up of as many as 9.5 million units and at least 7.5 million.
Each unit consists of one share and one half-share warrant, with each warrant exercisable at C$0.25 for two years.
The deal was 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
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| Amount: | C$1.336 million
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| Units: | 8.35
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| Price: | C$0.16
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| Warrants: | One half-share warrant
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Agent: | Non-brokered
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| Pricing date: | Oct. 26
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| Settlement date: | Dec. 8
|
| Stock symbol: | TSX Venture: ZPP
|
| Stock price: | C$0.11 at close Oct. 25, C$ 0.26 at close Dec. 8
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