ZENN Motor Company Inc has entered into an agency agreement with Paradigm Capital Inc. and Cannacord Capital Corporation in respect of the best efforts offering of common shares contemplated by the Corporation's preliminary short form prospectus dated May 7, 2008. Under the terms of the agency agreement, the Corporation will offer up to 3,735,000 common shares at a price of $3.75 common share for gross proceeds to the Corporation of up to $14,006,250.
The Agents have been granted an over-allotment option for a period of 30 days following the closing of the offering to arrange for the sale of up to 325,000 Common Shares sold under the offering at $3.75 for total additional proceeds of up to $1,218,750.
The Corporation anticipates filing a final prospectus in respect of the offering on May 23, 2008 with closing expected to occur on or about May 30, 2008.
The Corporation intends to use the net proceeds of the offering to fund working capital and general corporate purposes, including engineering and new product development, market development for new and existing offerings, strategic partnerships, joint ventures, acquisitions or investments should the appropriate opportunities arise.
Headquartered in Toronto, Canada, ZENN Motor Company is dedicated to being the global leader in producing zero emission transportation solutions for markets around the world. Our current ZENN car is the perfect vehicle for urban commuters, fleets (such as resorts, gated communities, airports, college and business campuses, municipalities, parks and more), the environmentally conscious driver, and consumers who just want to save money.
The ZENN is a fully electric low speed vehicle (LSV) with European styling and appointments that offers customers tremendous operational cost savings compared to a vehicle powered by an internal combustion engine. The ZENN is sold through a growing network of retailers across the United States.
Source:infibeam.com
Tuesday, May 27, 2008
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