TORONTO, ONTARIO--(Marketwire - April 16, 2012) - ZENN Motor Company Inc. (TSX VENTURE:ZNN.V - News) ("ZENN" or the "Company") is pleased to announce that its previously announced non-brokered private placement has been completed. The Company has issued and sold 2,350,000 units at a price of $0.85 per unit raising gross proceeds of $1,997,500. Each unit consisted of one common share and one common share purchase warrant. Each share purchase warrant entitles the holder to acquire one common share at a price of $1.35 until October 13, 2013.

ZENN has paid cash finder's fees of $139,825 and issued 164,500 finder's warrants in connection with the offering. Each finder's warrant entitles the holder to acquire one common share at a price of $1.35 until October 13, 2013. All securities issued pursuant to the private placement are subject to a 4-month hold period.

ZENN intends to use the net proceeds from this offering for working capital and general corporate purposes.

http://finance.yahoo.com/news/zenn-motor-company-completes-private-203000693.html