Westport raises $16.6 million to fund R&D

Westport Innovations Inc has added $16.6 million to its R&D war chest via a bought deal financing agreement with several investment brokers led by Raymond James Ltd. The syndicate also includes National Bank Financial Inc, TD Securities Inc, Canaccord Capital Corp and Sprott Securities. The investors also have the option on more shares - valued at $1.90 per common share - that would push the financing to $20.7 million. Vancouver-based Westport, a developer and manufacturer of fuel systems allowing diesel engines to run on natural gas, will use the funds for R&D and general corporate purposes….