OAK PARK — The hybrid and electric truck power train developer Azure Dynamics Corp. (OTC: AZDDF) said Friday that it has closed the previously announced equity investment by a wholly owned Canadian subsidiary of Johnson Controls Inc.
Pursuant to the equity investment, Johnson Controls’ Canadian subsidiary acquired, on a private placement basis, 30,796,969 common shares of Azure, at a price of 16.5 cents Canadian per common share, for gross proceeds to Azure of $5,1 million Canadian.
As a result of the investment, Johnson Controls, through its Canadian subsidiary, now holds approximately 7.2 percent of the issued and outstanding common shares of Azure.
In connection with the closing of the investment, Azure said it had a new and expanded supplier agreement with Johnson Controls.
Azure officials said they intend to use the proceeds of the investment to fund its ongoing product development as well as general corporate and working capital requirements.
More at www.azuredynamics.com.