On August 13, 2009, Azure Dynamics Corporation (TSX: AZD), a leading innovator in the development of environmentally friendly and cost effective hybrid electric and electric technologies for commercial vehicles, announced that it had closed its previously announced private placement offering of 58,823,529 common shares at a price of $0.17 per common share for gross proceeds of approximately $10 million. The offering was conducted through a syndicate of agents co-led by Raymond James Ltd. and TD Securities Inc. and including Paradigm Capital Inc. and Stonegate Securities, Incorporated as co-managers.

The company plans to use the net proceeds of the offering to fund its ongoing product development and commercialization efforts as well as general corporate purposes.

Azure Dynamics was advised in this transaction by Fasken Martineau with a team that included Alfred Apps, Daniel Batista and Charles Todd.