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Article: Ballard Announces Plan to Strengthen Balance Sheet Through C$41M Non-Dilutive Financing.
- Article from:
- PR Newswire
- Article date:
- October 30, 2008
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VANCOUVER, Oct. 30 /PRNewswire-FirstCall/ -- Ballard Power Systems Inc. (TSX: BLD) today announced it has entered into an agreement with Superior Plus Income Fund (TSX: SPF.UN)(http://www.superiorplus.com/) to reorganize the Company's business, which will result in non-dilutive financing with net cash proceeds of approximately C$41 million (US$34 million).
John Sheridan, Ballard's President and CEO stated, "This non-dilutive financing transaction further bolsters Ballard's already strong balance sheet, providing net cash proceeds of 41 million Canadian dollars to augment our cash reserves by more than 50%, compared to June 30, 2008. This is a very positive ...