January 21, 2010 (FinancialWire) Hydrogenics Corp. (NASDAQ: HYGS) (TSX: HYG) (Hydrogenics) a leading developer and manufacturer of hydrogen generation and fuel cell products, said 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 $5,000,000 before placement agents fees and other offering expenses.
Under the terms of the transaction, Hydrogenics sold 12,500,000 common shares for $0.40 per share. 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 $0.52 per common share. 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 $0.52 per common share.
Chardan Capital Markets, LLC acted as the sole placement agent for this transaction.
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