Astris Energi Announces Hiring of New Investment Banker

Astris Energi Announces Hiring of New Investment Banker

Mississauga, Ontario-based alkaline fuel cell (AFC) technology company Astris Energi, Inc. recently announced it has engaged Toronto investment house Fraser Mackenzie, Ltd. to raise private placement funding for Astris’ next stage of development.

According to Astris, Fraser Mackenzie has been hired on a “best efforts” basis for two separate financings. The first is for an amount equal to a minimum of $300,000 Canadian (about $241,426 U.S.) and a maximum of $600,000 Canadian (about $482,853 U.S.) Astris noted that this financing will be structured as a debenture with a six-percent coupon, convertible into common shares of the corporation with a term of nine months, with proceeds used for operations.

Astris said the second financing will be for the sale of corporate securities, the exact nature of which will be determined at a later date, with a view to raising a minimum of $2.5 million Canadian (about $2 million U.S.) and a maximum of $3.5 million Canadian (about $2.8 million U.S.) The proceeds of this financing will be used for operational purposes, marketing and initiation of Phase II of Astris’ pilot production line for its POWERSTACK MC250 fuel cell modules.

Contact: Astris, website http://www.astris.ca.

(EIN STAFF: 2/21)

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