Ballard Announces Closing of U.S. Offering
VANCOUVER, Oct. 9, 2013 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced the closing of its
previously-announced underwritten offering (the “Offering”) of
10,350,000 units at a price of U.S. $1.40 per unit, which includes the
exercise in full by the underwriters of their option to purchase up to
an additional 15% of common shares and warrants to cover
Each unit in the Offering is comprised of one common share and 0.25 of a
warrant to purchase one common share. Each whole warrant is exercisable
immediately upon issuance, having a five-year term and an exercise
price of U.S. $2.00 per share.
Gross proceeds from the Offering are approximately U.S. $14.5 million.
Net proceeds to Ballard from the Offering are expected to be
approximately U.S. $13.4 million, after deducting underwriting
discounts, commissions and other estimated offering expenses.
Proceeds from the Offering will be used to fund working capital
requirements, support continued growth as well as for other general
Cowen and Company, LLC acted as the sole book-running manager of the
Offering and Lake Street Capital Markets acted as co-manager.
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.