Fuel Cell Technologies Announces Private Placement

November 17, 2002 by Jeff Shepard

Fuel Cell Technologies Corp. (FCT, Kingston, ON) announced that it has entered into an engagement agreement with National Bank Financial Inc. and Acumen Capital Finance Partners Ltd. for a private placement that provides for the issuance of $3.2 million to $4.0 million worth of units at a price of $0.46 per unit.

Each unit consists of one FCT common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of FCT at $0.59 per share at any time within 12 months following the closing of the private placement. FCT plans to use the proceeds from the offering to fund commercialization initiatives such as further product development, production expansion, marketing and general working capital requirements. The closing of the private placement is expected to take place on or about November 28, 2002, subject to regulatory approval.