Vancouver's Westport Innovations Inc. (TSX:WPT; Nasdaq:WPRT) has raised US$54 million in an equity offering of 4.5 million shares.
The developer of alternative fuel systems expects to net US$50.6 million, which the company says will be used to continue development of its products and market share.
Jefferies and Company Inc. was the book-running manager for the offer. Lazard Capital Markets LLC was co-lead manager. Other underwriters included Think Panmure LLC in the U.S. and Canaccord Capital Corp. and National Bank Financial in Canada.
Westport's share price range during the past week: between $12.75 and $14.29; 52-week high: $19.64; 52-week low: $5.39.