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Ballard Power Systems Inc Receives $4 Million Strategic Investment From South Africa's Anglo American Platinum Limited


Sunday, 3 Mar 2013 11:30pm EST 

Ballard Power Systems Inc announced the signing of a definitive agreement with Anglo American Platinum Limited, under which Anglo American Platinum will invest $4 million in Ballard through its PGM Development Fund, to support continued commercial advancement of the Company's fuel cell products in target market applications. The investment announced takes the form of a 5-year non-interest bearing convertible promissory note (Note) issued by Ballard. The Note may be repaid in the form of Ballard common shares and Anglo American Platinum has the option of repayment on or before the loan maturity date. Any Ballard common shares issued on conversion or repayment would be priced at a 20% discount to the market price of the shares on the closing date of the transaction. Completion of the transaction is subject to regulatory approvals, including that of the Toronto Stock Exchange (TSX), with closing of the transaction expected to occur on March 29, 2013. 

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11 Jul 2014