OAK PARK ? Hybrid bus maker Azure Dynamics Corporation closed the previously announced equity investment by a strategic investor, a wholly-owned Canadian subsidiary of Johnson Controls.
In return, Johnson Controls acquired, on a private placement basis, 30,796,969 common shares of Azure, at a price of CDN$0.165 per common share, for gross proceeds to Azure of CDN$5,081,500. As a result of the Equity Investment, Johnson Controls, through its Canadian subsidiary, now holds approximately 7.2 percent of the issued and outstanding common shares of Azure.
In connection with the closing of the Equity Investment, the Company has also entered into an agreement with Johnson Controls providing for certain amendments to, and an expansion of, Johnson Controls? existing supplier relationship with the Company.
Azure plans to use the net proceeds of the Equity Investment to fund its ongoing product developmentas well as general corporate and working capital requirements.
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