On December 22, 2009, Azure Dynamics Corporation (TSX: AZD) announced that it had closed its previously announced offering of common shares of the company. The maximum number of 166,666,667 Common Shares offered pursuant to the offering were sold at the offering price of $0.18 per Common Share for total gross proceeds to the company of approximately $30 million.

The offering was conducted through a syndicate of agents led by Raymond James Ltd., and including Cormark Securities Inc., Stonegate Securities, Inc. and Paradigm Capital Inc.

Azure Dynamics is an industry leader in the development of hybrid electric and electric technologies for commercial vehicles. The company plans to use the net proceeds of the offering to fund its engineering, research, development and related costs, selling and marketing expenditures, general and administration expenditures, as well as general working capital requirements.

Azure Dynamics was advised in this transaction by Fasken Martineau with a team that included Alfred Apps, Daniel Batista, Jeff Hergott and Tina Chun, with the assistance of student-at-law Kelly McTavish.