Dynamic Announces $600,000 1st Tranche Closing of Unit Offering

Last Update: 11/17/2009 2:28:20 PM

PICKERING, ONTARIO, Nov 17, 2009 (MARKETWIRE via COMTEX) -- Dynamic Fuel Systems Inc. (DYA)("Dynamic" or the "Corporation") is pleased to announce that it has closed the first tranche of its recently announced offering of up to $2,000,000 of units (each a "Unit") at a price of $0.06 per Unit. An aggregate of 10,000,000 units were issued under the first tranche closing for aggregate gross proceeds of $600,000. Each unit consists of one common share of Dynamic (a "Common Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.15 for a period of 5 years from closing. This offering was completed on a non-brokered basis and no finders' fees were paid. The Corporation continues to seek additional subscribers under this offering and may close further tranches, as subscription proceeds and supporting documentation are received. In accordance with applicable securities laws, the Common Shares and Warrants issued under the first tranche closing are subject to four-month hold periods. The proceeds from this offering will be used for research and development, sales and marketing and for general working capital purposes.