Ballard Power Systems Inc. (Vancouver, BC) recently announced that it has set the price for the previously announced public offering of 3,245,000 shares of its common stock at $105 (CDN $153.84) per share. Closing of the offering is scheduled for March 2, 2000.
According to the company, the net proceeds from the offering will be approximately $324,540,562 (CDN $475,484,377). Ballard intends to use the net proceeds of the offering for commercialization programs with strategic partners, research and product development for transportation, stationary and portable-power applications, the development of manufacturing processes, and general corporate purposes. A portion of the net proceeds may also be used to pursue acquisition opportunities, including intellectual property, that have strategic value.