VANCOUVER, March 28, 2013 /CNW/ - Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced the closing of an underwritten
offering ("Offering") of 7,275,000 units for gross offering proceeds of
approximately U.S. $8.0 million, under the terms disclosed in the
Company's press release of March 21, 2013.
Each unit in the Offering is comprised of one common share priced at
U.S. $1.10 and one warrant to purchase one common share priced at U.S.
$1.50. The common shares and warrants are immediately separable and
will be issued separately, and no units will be issued or certificated.
Tony Guglielmin, Ballard CFO said, "We are pleased with this financing,
with institutional investors knowledgeable in the clean technology
space, which further fortifies the balance sheet to more strongly
position Ballard for the execution of our growth plan and achievement
of positive cash flow."
Lazard Capital Markets LLC acted as the sole book-running manager for
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) provides clean energy
fuel cell products enabling optimized power systems for a range of
applications. Products deliver incomparable performance, durability and
versatility. To learn more about Ballard, please visit www.ballard.com.
Some of the statements contained in this release are forward-looking
statements regarding Ballard's continued growth and cash flow, within
the meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws, such as
statements that describe the anticipated offering of securities under
the Company's Prospectus and registration statement and Supplement, and
the anticipated use of proceeds from the Offering. Since
forward-looking statements are not statements of historical fact and
address future events, conditions and expectations, forward-looking
statements by their nature inherently involve unknown risks,
uncertainties, assumptions and other factors well beyond the Company's
ability to control or predict. Actual events, results and developments
may differ materially from those contemplated by such forward-looking
statements. Material factors that could cause actual events to differ
materially from those described in such forwarding-looking statements
include risks related to the Company's condition requiring anticipated
use of proceeds to change, timing of, and ability to obtain, required
regulatory approvals, and general economic and regulatory changes.
These forward-looking statements represent the Company's views as of
the date of this release. There can be no assurance that
forward-looking statements will prove to be accurate, as actual events
and future events could differ materially from those anticipated in
such statements. Readers should not place undue reliance on any
SOURCE: Ballard Power Systems Inc.
For further information:
Guy McAree, +1.604.412.7919, firstname.lastname@example.org or email@example.com