On November 7, 2006, Azure Dynamics Corporation ("Azure") announced that it had closed its offering of 31,176,471 common shares of Azure at a price of $0.85 per common share for aggregate gross proceeds of $26.5 million. Clarus Securities Inc. and Paradigm Capital Inc. acted as co-lead underwriters in connection with the offering. On November 15, 2006, the underwriters exercised an option to purchase an additional 3,117,647 common shares for market stabilization and over-allotment purposes for additional aggregate gross proceeds to Azure of $2.65 million. Azure also announced that it has closed its previously announced GBP 1,724,000 (approximately $3,670,000) brokered private placement offering of 4,310,000 common shares in the United Kingdom at a price of GBP 0.40 ($0.85) per common share. Numis Securities Limited acted as Azure's agent in connection with the UK Offering. Azure plans to use the proceeds of both offerings to fund its ongoing engineering, project development and strategic initiatives and for general corporate purposes. Azure is a world leader in the development and production of hybrid electric and electric powertrains for commercial and military vehicles and systems, with operations based in North America and Europe. Fasken Martineau advised Azure in both offerings with a team comprised of Alfred Apps, Georges Dubé, Dan Batista, Brad Freelan, Michael Gleeson and Amanda Field.