Electrovaya announces $5M private placement

Electrovaya Inc



News Release

Not for distribution in the United States newswire services or for dissemination in the United States

Electrovaya Announces Proposed Private Placement

TORONTO, Ontario ‐ September 26, 2017 – Electrovaya Inc. (TSX: EFL) (OTCQX:EFLVF) (the “Company”) is pleased to announce it intends to complete a non‐brokered private placement (the “Offering”) of up to 4,347,827 units (“Units”) at a price of $1.15 per Unit for aggregate gross proceeds of up to CAD$5 million. The Offering may be completed in one or more tranches.

Each Unit will comprise one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $1.45 for a period of sixty (60) 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 expects that certain eligible persons (the “Finders”) will be paid a cash commission equal to 7% of the proceeds raised from subscribers introduced to the Offering by such Finders, and also issued broker warrants (the “Broker Warrants”) equal to 7% of the securities purchased by such subscribers. Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of $1.45 for a period of sixty (60) months from the closing of the Offering.

The Offering is subject to the approval of the Toronto Stock Exchange.

About Electrovaya Inc.

Electrovaya Inc. (TSX:EFL) designs, develops and manufactures proprietary Lithium Ion Super Polymer® batteries, battery systems, and battery‐related products for energy storage, clean electric transportation and other specialized applications. Electrovaya, through its fully owned subsidiary, Litarion GmbH, also produces cells, electrodes and SEPARION® ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada and Germany with customers around the globe. To learn more about how Electrovaya and Litarion is powering mobility and energy storage, please explore www.electrovaya.com, www.litarion.com and www.separion.com