Azure’s $10.7M financing deal triggers TPC funds

Azure Dynamics Corp’s success in raising $10.7 million has opened the door for it to secure an additional $5 million from Technology Partnerships Canada. The Toronto-based company, which develops hybrid electric power trains for commercial vehicles, announced December 1 that it had closed a private placement financing led by Kingsdale Capital Markets Inc. The agreement was a condition for Azure to receive up to $5 million of previously announced TPC funding. The company will use the financing for cash flow, working capital and to redeem, if necessary, up to $2.2 million in outstanding convertible debentures.