Guy McAree reports
BALLARD ANNOUNCES US$350 MILLION BOUGHT DEAL OFFERING OF COMMON SHARES
Ballard Power Systems Inc. has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. and National Bank Financial Inc., pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 9.46 million common shares of the company at a price of $37 (U.S.) per common share for gross proceeds of $350.02-million (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 1,419,000 common shares at the offering price for additional gross proceeds of up to $52,503,000 (U.S.) to the company. If the overallotment option is exercised by the underwriters in full, aggregate gross proceeds of the offering will be $402,523,000 (U.S.).
The common shares will be issued by way of a short form prospectus that will be filed with the securities regulatory authorities in all provinces and territories of Canada (excluding Quebec) and by way of a registration statement with the U.S. Securities and Exchange Commission in the United States under the multijurisdictional disclosure system. The company filed a preliminary short form prospectus in respect of the offering and a registration statement (including the preliminary short form prospectus) with the SEC to which this communication and the offering relate. The preliminary short form prospectus is subject to completion or amendment, and the registration statement has not yet become effective. The common shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Before you invest, you should read the short form prospectus and other documents Ballard has filed with the SEC and with the Canadian securities regulatory authorities for more complete information about Ballard and the offering. The offering is made only by the prospectus. The prospectuses will be available free of charge on SEDAR and on the SEC's website.
Alternatively, the company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting TD Securities Inc. in Canada, attention: Symcor, NPM (telephone: 289-360-2009; e-mail: firstname.lastname@example.org), 1625 Tech Ave., Mississauga, Ont., L4W 5P5; or you may request it from TD Securities (USA) LLC in the United States (telephone: 212-827-7392), 31 W 52nd St., New York, N.Y., 10019; or National Bank Financial Inc., equity capital markets, 130 King St. W, fourth floor podium (e-mail: email@example.com).
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 Feb. 23, 2021, 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
Ballard Power Systems' vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM (proton exchange membrane) fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks.
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