Non-brokered deal offers units with half-share warrants at C$0.90 each
By Devika Patel
Knoxville, Tenn., June 16 – Electrovaya Inc. said it completed a C$2.91 million non-brokered private placement of units.
The company sold 3,237,601 units of one common share and one half-share warrant at C$0.90 per unit.
Each whole warrant is exercisable at C$1.25 for 18 months. The strike price is a 7.76% premium to C$1.16, the June 13 closing share price.
Proceeds will be used to purchase capital equipment to increase manufacturing capacity and for other general corporate purposes.
“As a result of this financing, Electrovaya will expand its activities in all target sectors, including electric vehicles and energy storage for the mining, utilities, back-up and strategic power verticals,” chairman and chief executive officer Sankar DasGupta said in a press release. “We believe that our unique non-toxic, non NMP manufacturing process, our high energy density and our new generation 2.0 technology differentiates us from our competitors, positioning us to become a leader in the global energy storage market.”
The Mississauga, Ont., company designs, develops and manufactures advanced battery and battery systems for the transportation, electric grid stationary storage and mobile computing end-markets.
| Issuer: | Electrovaya Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,913,841
|
| Units: | 3,237,601
|
| Price: | C$0.90
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Settlement date: | June 16
|
| Stock symbol: | Toronto: EFL
|
| Stock price: | C$1.16 at close June 13
|
| Market capitalization: | C$81.58 million
|
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