DynaCERT raises $8M to fund subscription program

• DynaCERT (TSXV:DYA) has closed its previously announced overnight marketed offering, raising approximately C$8.37 million
• The company issued 12.3 million units at a price of 68 cents each, consisting of one common share and half of one common share purchase warrant
• Each purchase warrant is exercisable at a price of $1.00 for a period of 24 months from the date of issuance
• The proceeds will be used to fund the company’s KarbonKleen subscription program and other product sales
• DynaCERT (DYA) is currently up 2.78 per cent to 74 cents per share at 1:08pm EDT

DynaCERT (TSXV:DYA) has closed its previously announced overnight marketed offering, raising approximately C$8.37 million.

Headquartered in Toronto, the company manufactures and distributes carbon emission reduction technologies for use with internal combustion engines.

Under the terms of the offering, which included the underwriters’ over-allotment option, DynaCERT issued a total of 12.3 million units at a price of 68 cents each. The units are comprised of one common share and half of one common share purchase warrant.

Each whole warrant entitles the holder to acquire an additional common share in the company at a price of $1.00, exercisable for a period of 24 months from the date of issuance.

Eight Capital and PI Financial co-led a syndicate of underwriters, which included Haywood Securities, Industrial Alliance Securities and Stifel GMP. As consideration for their services, these underwriters have been issued a cash commission of $478,237 and a total of 598,260 broker warrants.

DynaCERT intends to use the proceeds raised under the offering to purchase raw materials and fund manufacturing expenses to produce and deliver finished products for its subscription program with KarbonKleen.

Based in Mississauga, Ontario, KarbonKleen uses data analytics to help trucking and logistics companies meet their goals of reducing carbon emissions.

Jim Payne, President and CEO of DynaCERT, said the financing is a major milestone in the company’s growth.

“We are extremely pleased with the fact that we attracted not one, but a syndicate of five major firms in the Canadian financial community to participate in our first brokered, prospectus which was an over-subscribed, over-night-marketed-equity-financing.

“We are looking forward to proving to the world with what our product line is capable of as we all move beyond these most unprecedented times with our unique Hydrogen-based innovation providing carbon emissions reduction technology,” he added.

DynaCERT (DYA) is currently up 2.78 per cent and is trading at 74 cents per share at 1:08pm EDT.