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Old News

posted on Jun 02, 08 11:32AM

ZENN Motor Co. is pricing an issue of new equity at $3.75 per share to raise $14 million.

The maker of small zero-emission, no-noise electric vehicles said Friday that agents Paradigm Capital and Canaccord Capital are selling up to 3.7 million shares on a best-efforts basis.

The agents have an over allotment option on an additional 325,000 shares.

ZENN said it will use the proceeds for engineering, product and market development, and for strategic partnerships, joint ventures or acquisitions "should the appropriate opportunities arise."

Shares in Toronto-headquartered ZENN, which sees itself as a leader in electric low-speed vehicles aimed at urban commuters and fleets, traded Friday morning at $4.01 on the TSX Venture Exchange, off 24 cents on the day, with a 52-week high and low of $5.95 and $2.60.

We built a strong support base at 3.75. Doubt we would be falling much below that any time soon. Any idea what our High would be from this point on?

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