The investment announced today takes the form of a 5-year non-interest bearing convertible promissory note ("Note") issued by Ballard. The Note may be repaid in the form of Ballard common shares and Anglo American Platinum has the option of repayment on or before the loan maturity date. Any Ballard common shares issued on conversion or repayment would be priced at a 20% discount to the market price of the shares on the closing date of the transaction. Completion of the transaction is subject to regulatory approvals, including that of the Toronto Stock Exchange (TSX), with closing of the transaction expected to occur on March 29.
About Ballard Power Systems Ballard Power Systems (TSX: BLD) (NASDAQ: BLDP) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products deliver incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements concerning product development activities, market adoption for our products, the impact on those markets and business development opportunities. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.