Westport to raise $30 million through stock sales

VANCOUVER, B.C. — Westport Innovations Inv. is planning to raise $30 million through an agreement with a syndicate of underwriters led by CIBC and Raymond James Ltd.

The natural gas engine developer announced yesterday that the syndicate will buy and resell 4,286,000 shares to the public at $7 each.

The underwriters also have the option to buy a further 1,429,000 shares exercisable until 48 hours prior to the closing date, expected to be Feb. 12.

Westport expects the proceeds will be enough to help it bring its heavy-duty natural gas, high-pressure direct injection engines into commercial production by late 2003.

Bay Street seemed apprehensive about the move, as Westport’s share dropped 10 cents to close at $7.50 yesterday on the Toronto Stock Exchange.

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