Axion Power International Inc (AXPWQ)

[Ubertino]

Axion Power(TM) Completes $26 Million Common Stock Offering

December 22, 2009 7:30 AM EST

NEW CASTLE, Pa., Dec. 22 /PRNewswire-FirstCall/ -- Axion Power International, Inc. (OTC Bulletin Board: AXPW), the developer of advanced lead-carbon PbC® batteries, today announced it has completed a private placement of an aggregate of 45,757,572 shares of its common stock to institutional and individual investors at a price of $0.57 per share for total gross proceeds of $26,081,490. Proceeds will be used to add needed electrode production lines and for working capital. The investors included Special Situations Funds, Manatuck Hill Partners and Narragansett Strategic Master Fund.