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.