Ballard announces close of U.S. offering - net proceeds of USD 13.6 million

Vancouver, Canada - Ballard Power Systems has announced the closing of its previously announced underwritten offering of 9,343,750 of its common shares for gross proceeds of approximately U.S. $15.0 million, which includes the exercise in full by the underwriters of their option to purchase up to an additional 15 per cent of common shares to cover over-allotments.

Net proceeds to Ballard from the Offering are expected to be approximately U.S. $13.6 million, after deducting underwriting discounts, commissions and other estimated Offering expenses.

Cowen and Company acted as the sole bookrunner for the Offering. Roth Capital Partners, Lake Street Capital Markets and H.C. Wainwright & Co. acted as co-managers for the Offering.

Ballard expects to use the net proceeds from the Offering for working capital and other general corporate purposes, including the acquisition of, or investment in, companies, technologies, products or assets that complement Ballard's business.

Source: IWR Online, 08 Jul 2015