Mr. Guy McAree reports
BALLARD ANNOUNCES US$250 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES
Ballard Power Systems Inc. has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Raymond James Ltd. pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 12,988,000 common shares of the company at a price of $19.25 (U.S.) per common share for gross proceeds of $250,019,000 (U.S.). The underwriters have also been granted an option, exercisable in whole or in part and from time to time, at any time until 30 days after the closing date of the offering, to purchase from the company up to an additional 1,948,200 common shares at the offering price for additional gross proceeds of up to $37,502,850 (U.S.) to the company. If the overallotment option is exercised by the underwriters in full, aggregate gross proceeds of the offering will be $287,521,850 (U.S.).
The company filed a preliminary prospectus supplement on Nov. 23, 2020, to its short-form base-shelf prospectus dated June 12, 2020. The company intends to file a final prospectus supplement to the base-shelf prospectus on or about Nov. 24, 2020. The preliminary supplement has been, and the final supplement will be, filed with the securities regulatory authorities in each of the provinces and territories of Canada. The preliminary supplement has been, and the final supplement will be, filed with the U.S. Securities and Exchange Commission (SEC) in accordance with the multijurisdictional disclosure system established between Canada and the United States. The supplements will be available on the SEDAR website maintained by the Canadian Securities Administrators and on the SEC's website.
The company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus, as supplemented, in that registration statement and other documents the company has filed with the SEC for more complete information about the company and this offering. You may get these documents at no charge by visiting EDGAR on the SEC website. Alternatively, the company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, as supplemented, if you request it by contacting National Bank Financial: equity capital markets, 130 King St. West, fourth floor podium, or e-mail: email@example.com; or Raymond James: 5300, 40 King St. West, Scotia Plaza, PO box 415, Toronto, Ont., M5H 3Y2, or e-mail: firstname.lastname@example.org.
The company intends to use net proceeds of the offering to further strengthen the balance sheet, thereby providing additional flexibility to finance its growth strategy, including through activities, such as product innovation, investments in production capacity expansion and localization, future acquisitions, and strategic partnerships and investments.
The offering is expected to close on or about Nov. 27, 2020, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
About Ballard Power Systems Inc.
Ballard Power Systems' vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks.
We seek Safe Harbor.
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