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20 Jan 2010

Hydrogenics Announces Completion of Registered Direct Offering

Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG) a leading developer and manufacturer of hydrogen generation and fuel cell products, today announced that on January 14, 2010 it closed the previously announced registered direct offering of common shares and warrants with two institutional investors, resulting in gross proceeds of US$5,000,000 before placement agent’s fees and other offering expenses.

Under the terms of the transaction, Hydrogenics sold 12,500,000 common shares for US$0.40 per share. Â Investors received warrants for the purchase of one common share for each common share purchased; 5,983,886 of these warrants are exercisable at any time on or after the date of issuance until January 14, 2015 at an exercise price of US$0.52 per common share. Â The remaining 6,516,114 warrants are exercisable for a period of five years beginning six months and one day after issuance, at an exercise price of US$0.52 per common share.

Chardan Capital Markets, LLC acted as the sole placement agent for this transaction.

The securities described above were offered by Hydrogenics pursuant to a registration statement on Form F-3 previously filed and declared effective by the United States Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

http://money.cnn.com/news/newsfeeds/articles/globenewswire/182165.htm

 

Source: CNN Money

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