Private Placement – Dynamic Announces Closing of Private Placement
Private Placement Ontario
Dynamic Fuel Systems Inc. announced that it has completed a private placement (via offering memorandum, OM) of 5,400,000 units (the “Units”) at a price of $0.10 per Unit for aggregate gross proceeds of $540,000. Each Unit consists of one common share in the capital of the Corporation (a “Common Share”) and one common share purchase warrant (a “Warrant”).
Each Warrant is exercisable into one Common Share at a price of $1.50 for a period of two years from the date of issuance thereof. This offering was completed on a non-brokered basis and no finders’ fees were paid. Conditional approval in respect of the foregoing private placement has been granted by the Exchange and materials have been submitted to the Exchange requesting final approval. In accordance with applicable securities laws, the Common Shares and Warrants issued under the private placement are subject to four-month hold periods, which will expire on September 7, 2009. The proceeds from this offering will be used for research and development, sales and marketing and for general working capital purposes.
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