Skip to main content

PLEASE NOTE: For everyone’s safety, Fasken recommends anyone on-site at our Canadian offices be familiar with the COVID-19 recommendations in place which may include one or more of the following: social distancing, hand sanitizing, wearing a mask in common areas and proof of full vaccination. These measures apply to lawyers, staff, clients, service providers and other visitors.

Client Work

Zongshen PEM Power Systems completes US$35.2 million bought deal private placement

Fasken
Reading Time 1 minute read Subscribe

Overview

Client

GMP Securities L.P.

On November 14, 2007, Zongshen PEM Power Systems Inc. announced that it had completed its previously announced "bought deal" private placement financing. The underwriters exercised the over-allotment option in full, and Zongshen issued 11,500,000 common shares raising aggregate gross proceeds of $35,190,000. GMP Securities L.P. acted as lead underwriter in connection with the offering, with Canaccord Capital Corporation, Laurentian Bank Securities Inc., Orion Securities Inc. and Research Capital Corporation comprising the remainder of the syndicate. The underwriters received warrants to purchase 690,000 common shares at an exercise price of $3.06 which are exercisable until November 14, 2008. Zongshen is a public company trading on the TSX Venture Exchange. It is engaged in the commercialization of alternate power systems including batteries, fuel cells and solar power, for a variety of consumer and industrial applications. Zongshen manufactures high quality, environmentally friendly electric motorcycles, electric bicycles and other e-vehicles in China for the domestic and international markets. The underwriters were advised by a team from Fasken Martineau that included Georges Dubé, Robert Quon, Krisztian Toth and KC Miu, assisted by student-at-law Daniel Fuke and paralegal Mimi Li.

Team

    Subscribe

    Receive email updates from our team

    Subscribe