/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
OAK PARK, MI, Nov. 23, 2011 /CNW/ - Azure Dynamics Corporation (TSX:
AZD)(OTC: AZDDF), a world leader in the development and production of
hybrid electric and electric components and powertrain systems for
commercial vehicles, announced today that the agents for its previously
announced public offering (the "Public Offering") of 55,000,000 units
(the "Units") that closed on November 18, 2011 exercised the
over-allotment option and purchased 8,062,974 additional Units at $0.11
The gross proceeds to the Company resulting from the exercise of the
over-allotment option were $886,927.14, for total gross proceeds from
the Public Offering of $6,936,927.14.
The Public Offering was conducted through a syndicate of agents co-led
by Raymond James Ltd. and Cormark Securities Inc. and includes National
Bank Financial Inc.
Each Unit is comprised of one common share of the Company and one-half
of one common share purchase warrant (each whole warrant a "Warrant").
Each Warrant is exercisable into one common share of the Company for a
period of three years from November 18, 2011 at an exercise price of
CDN$0.14 per share, subject to adjustment in certain circumstances.
The Company plans to use the net proceeds of the Public Offering to fund
its ongoing product development as well as general corporate and
working capital requirements.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) 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 a variety of
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 Exchange 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 Azure's
Public Offering of Azure's securities and the use of proceeds from such
offering. 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 labor 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. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties. 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 and the short form
prospectus dated November 11, 2011, each of 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:
Juris Pagrabs, Vice President, Investor Relations, (248) 298-2403 ext 7570