Fuel Cell Technologies Corp. (FCT, Kingston, ON) announced that it has received proceeds of $4,238,211.63 for the issuance of an additional 7,435,459 common shares, from the exercise by investors of warrants to purchase common shares at a price of $0.57 per common share. FCT will use the net proceeds from the purchase of the common shares to fund commercialization initiatives such as further product development, production expansion, marketing and general working capital requirements.
"We are very pleased that each of FCT's largest shareholders holding warrants, exercised their full holding, or the maximum number of warrants permitted under their respective investment guidelines, said John Stannard, FCT president and CEO. "The exercise of these warrants and additional investment indicates a recognition of the achievements of FCT, its technology and the solid-oxide fuel cell (SOFC) product. The financing provides for our continuing preparation and progress toward commercialization of the 5kW SOFC."
