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OAK PARK, MI, Dec. 22 /CNW/ - Azure Dynamics Corporation (TSX: AZD) - ("Azure" or the "Company"), an industry leader in the development of hybrid electric and electric technologies for commercial vehicles, is pleased to announce that it has closed its previously announced offering (the "Offering") of common shares of the Company ("Common Shares").
The maximum number of 166,666,667 Common Shares offered pursuant to the Offering were sold at the offering price of $0.18 per Common Share for total gross proceeds to the Company of approximately $30,000,000.
The Offering was conducted through a syndicate of agents led by Raymond James Ltd., and including Cormark Securities Inc., Stonegate Securities, Inc. and Paradigm Capital Inc.
The Company plans to use the net proceeds of the Offering to fund its engineering, research, development and related costs, selling and marketing expenditures, general and administration expenditures, as well as general working capital requirements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Azure in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD) is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various partners and customers. The Company is committed to providing customers and partners with innovative, cost-efficient, and environmentally friendly energy management solutions.
For more information, please visit www.azuredynamics.com.
The TSX does not accept responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the net proceeds from the Offering, Azure's business development strategy, projected commercial revenues and product deliveries.
The forward-looking statements are based on certain key expectations and assumptions made by Azure, including expectations and assumptions concerning achievement of current timetables for development programs, target market acceptance of Azure's products, current and new product performance, availability and cost of labour and expertise, and evolving markets for power for transportation vehicles. Although Azure believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azure can give no assurance that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with Azure's early stage of development, lack of product revenues and history of losses, requirements for additional financing, uncertainty as to commercial viability, uncertainty as to product development and commercialization milestones being met, uncertainty as to the market for Azure's products and unproven acceptance of Azure's technology, competition for capital, product market and personnel, uncertainty as to target markets, dependence upon third parties, changes in environmental laws or policies, uncertainty as to patent and proprietary rights, availability of management and key personnel, and acquisition integration risk. These risks are set out in more detail in Azure's annual information form which can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and Azure undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE AZURE DYNAMICS CORPORATION
For further information: For further information: Ryan Carr, Chief Financial Officer, (248) 298-2403 ext 1206, Email: firstname.lastname@example.org; Pat Liebler, Liebler Group, (313) 832-4376, Email: email@example.com