On February 10, 2011, Azure Dynamics Corporation (TSX:AZD)(PINK SHEETS:AZDDF), announced the successful closing of its previously announced bought deal offering of 53,030,303 common shares. The underwriters also exercised in full their over-allotment option. The total offering of 60,984,848 shares resulted in Azure receiving aggregate gross proceeds of approximately $20.1 million.

The syndicate of underwriters was led by Raymond James Ltd., and included Cormark Securities Inc., National Bank Financial Inc. and Paradigm Capital Inc.

Azure Dynamics is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles.

Azure Dynamics was advised in this transaction by Fasken Martineau with a team that included Dan Batista, Brad Freelan, Andrew Teehan, Alex Nikolic and Jessica Catton.