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Electrovaya Completes First Tranche of Private Placement
Toronto, Ontario – September 29, 2017 – Electrovaya Inc. (TSX: EFL) (OTCQX:EFLVF) (“Electrovaya”, or the “Company”) is pleased to announce that it has completed the first tranche of its previously announced private placement of units (the “Units”). The first tranche consisted of the issuance of 4,000,000 Units at a price of $1.15 per Unit for gross proceeds of $4,600,000.
Each Unit is comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $1.45 for a period of 60 months from the closing of the Offering.
The Common Shares and Warrants composing the Units are 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 paid cash finders fees in the aggregate amount of $322,000 in connection with the subscriptions for Units. The Company also issued broker warrants (the “Broker Warrants”) equal to 7% of the Units purchased by the subscribers. Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of $1.45 for a period of 60 months from the date of issuance.
The Common Shares composing the Units and underlying the Warrants and Broker Warrants have been conditionally approved for listing on the Toronto Stock Exchange.
There is no assurance that the Company will complete additional tranches of the private placement.
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About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) 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 SEPARIONTM ceramic separators and has manufacturing capacity of about 500MWh/annum. Electrovaya is a technology focused company with extensive patents and other Intellectual Property. 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