Mr. Jason Roy reports
ELECTROVAYA CLOSES CDN $3.27 MILLION PRIVATE PLACEMENT
Electrovaya Inc. has completed a non-brokered private placement of 2,422,222 units at a price of $1.35 per unit for aggregate gross proceeds of $3.27-million. Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of $1.75 for a period of 24 months from the closing of the offering. The securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance pursuant to applicable securities laws. The proceeds of the offering will be used for general working capital purposes.
The company has paid Numus Capital Corp. a cash commission equal to 6 per cent of the proceeds raised from subscribers introduced to the offering by Numus, and also issued broker warrants equal to 6 per cent of the securities purchased by such subscribers. Each broker warrant entitles the holder thereof to purchase one common share at a price of $1.75 for a period of 24 months from the closing of the offering. The offering has been conditionally approved for listing on the Toronto Stock Exchange.
About Electrovaya Inc.
Electrovaya designs, develops and manufactures proprietary lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology-focused company with extensive intellectual property. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.
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