Hydrogenics Corp. (HYGS,HYG.TO) announced that it will sell common shares and warrants in a registered direct offering with two institutional investors, resulting in gross proceeds of US$5 million, before placement agent's fees and other offering expenses.
Hydrogenics will sell 12.5 million common shares for US$0.40 per share. Investors will also receive warrants for the purchase of one common share for each common share purchased; 5,983,886 of these warrants will be 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. The remaining 6,516,114 warrants will be 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.
The closing of the offering will take place on January 14, 2010.
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