Ballard Power Systems Inc. Announces Closing of US$340.7
Million (Cdn$499.2 Million) Public Offering
MARCH 2, 2000
VANCOUVER, BRITISH COLUMBIA--Further to its release of February
23, 2000, Ballard Power Systems Inc. announced today the closing
of the public offering of 3,245,000 shares of its common stock at
US$105 (Cdn $153.84) per share for gross proceeds of US$340.7
Million (Cdn$499.2 Million).
Ballard intends to use the net proceeds for commercialization
programs with strategic partners, research and product development
for transportation, stationary and portable power applications
(including Ballard's new portable power and low power stationary
programs), the development of manufacturing processes, (including
establishing Plant 1, Ballard's initial commercial manufacturing
facility) 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.
Morgan Stanley Dean Witter acted as the managing underwriter for
the offering. Co-managers included BMO Nesbitt Burns Inc.; Credit
Suisse First Boston; Goldman, Sachs & Co.; Merrill Lynch & Co.;
and Goepel McDermid Inc. Ballard has also granted the underwriters
an option exercisable until March 23, 2000 to purchase up to an
additional 486,750 shares of its common stock at a price of US$105
(Cdn $153.84) per share, solely to cover over-allotments, if any.
Copies of the prospectus are available from the offices of Morgan
Stanley Dean Witter, 1585 Broadway, New York, New York 10036 and
from the offices of Morgan Stanley Canada Limited, 181 Bay Street,
Toronto, Ontario M5J 2T3.
Ballard is recognized as the world leader in proton exchange
membrane fuel cell technology. Ballard's principal business is the
development and commercialization of proton exchange membrane fuel
cells and fuel cell systems for use in automotive, stationary
power and portable applications.
Note: The offering of the common stock may be made only by means
of a prospectus. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any State in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such State. For
investor information, please contact:
Ballard's Common shares are listed on The Toronto Stock Exchange
under the trading symbol "BLD" and on the Nasdaq National Market
System under the symbol "BLDP". Ballard and the Ballard logo are
registered trademarks of Ballard Power Systems Inc. |
