Ballard Announces Prices 9M Unit Offering at $1.40/Unit

Ballard Power Systems (NASDAQ: BLDP) has announced that it has priced an underwritten offering (the Offering) of 9,000,000 units at a price of U.S. $1.40 per unit, for gross Offering proceeds of approximately U.S. $12.6 million.Each unit in the Offering is comprised of one common share and 0.25 of a warrant to purchase one common share. The common shares and warrants are immediately separable and will be issued separately, and no units will be issued or certificated. Each whole warrant is exercisable immediately upon issuance, having a five-year term and an exercise price of U.S. $2.00 per share. The warrants will be certificated and will be delivered to the investors by physical delivery following the close. There is no established public trading market for the warrants and we do not expect a market to develop.Ballard has granted the underwriters of the Offering a 30-day option to purchase up to an additional 15% of shares and warrants for over-allotments, if any. The net proceeds to Ballard from the Offering are expected to be approximately U.S. $11.5 million, after deducting underwriting discounts, commissions and other estimated offering expenses and assuming no exercise of the underwriters' See full press release