Business
Martinrea International Exercises Warrants Raising $1,780,000 in Equity for Hy-Drive Technologies Ltd.
Martinrea International Exercises Warrants Raising $1,780,000 in Equity for Hy-Drive Technologies Ltd..
About this update from Martinrea International Inc.
[{"type":"text","content":"\n\n\n\n\nHy-Drive to use proceeds to meet sales demand of hydrogen generating \nsystems (HGS)\n\nTSX Venture Exchange symbol: HGS\n\nMISSISSAUGA, ON, May 25 /CNW/ - Hy-Drive Technologies Ltd. (TSX-V: HGS)\ntoday announced that Martinrea International Inc. (TSX: MRE), a leading\nautomotive parts supplier, has exercised 1.6 million warrants to acquire\ncommon shares of the Company, comprised of 600,000 warrants with an exercise\nprice of $0.80 and 1,000,000 warrants with an exercise price of $1.30, for\ntotal proceeds to the Company of $1,780,000. A portion of the warrants when\ngranted had a term of two years, but were callable if the market price of the\nCompany's common shares traded above the strike price of the warrants by $2.00\nfor a period of twenty consecutive trading days, which has occurred. The\nproceeds will be used for general corporate and working capital purposes and\nto further ramp up production to satisfy North American and International\nsales of its G2 hydrogen generating systems (HGS). Martinrea International\nInc. continues to hold 400,000 Hy-Drive warrants at an exercise price of\n$1.90.\n\"Our partnership with Martinrea International in the automobile industry\nunderscores the validity and importance of our groundbreaking hydrogen\nenhanced combustion technology. This is the next 'big thing' in the internal\ncombustion world because it makes great economic sense. As oil and gas prices\ncontinue to escalate consumers are looking for solutions.\" said Tom Brown,\nPresident & CEO of Hy-Drive Technologies Ltd. \"We are collaborating and\nworking together to bring this revolutionary new technology to market, which\nwill dramatically improve fuel efficiency while reducing harmful exhaust\nemissions. Our hydrogen enhanced combustion technology works with any\ncombustion engine, providing an interim solution to soaring fuel prices.\"\nThe Hy-Drive G2 system works by injecting small amounts of hydrogen gas\ninto the combustion chamber of a regular internal combustion engine. This\ncreates an enriched air mixture and a more complete and faster burn which\nresults in reduced emissions, improved fuel efficiency and more engine torque.\nThe product is easy to install and works with any internal combustion engine,\nall types of fuel and in almost any climate making a versatile solution for\nany truck or commercial ...