Stock, warrants sold at C$0.49 per unit via agent Euro Pacific Canada
By Devika Patel
Knoxville, Tenn., March 19 – Electrovaya Inc. said it raised about C$1 million in a private placement of units through agent Euro Pacific Canada Inc.
The company sold units of one common share and one warrant at C$0.49 per unit.
The three-year warrants are each exercisable at C$0.75. The strike price is a 19.05% premium to the March 18 closing share price of C$0.63.
Proceeds will be used for general corporate purposes.
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.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1 million (approximate)
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| Price: | C$0.49
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.75
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| Agent: | Euro Pacific Canada Inc.
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| Settlement date: | March 19
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| Stock symbol: | Toronto: EFL
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| Stock price: | C$0.63 at close March 18
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| Market capitalization: | C$44.69 million
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