Business
Electrovaya Closes CDN $3.27 Million Private Placement
TORONTO, ON / ACCESSWIRE / J anuary 11, 2021 / Electrovaya Inc. ("Electrovaya" or the...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Closes CDN $3.27 Million Private PlacementTORONTO, ON / ACCESSWIRE / January 11, 2021 / Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL) today completed a non‐brokered private placement (the \"Offering\") of 2,422,222 units (\"Units\") at a price of $1.35 per Unit for aggregate gross proceeds of CAD$3.27 million. Each Unit comprises one common share of the Company (a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $1.75 for a period of twenty four (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. (\"Numus\") a cash commission equal to 6% of the proceeds raised from subscribers introduced to the Offering by Numus, and also issued broker warrants (the \"Broker Warrants\") equal to 6% 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 twenty four (24) months from the closing of the Offering. The Offering has been conditionally approved for listing on the Toronto Stock Exchange.For more information, please contact:Jason Roy, Director Investor RelationsElectrovaya [email protected] Electrovaya Inc.Electrovaya Inc. (TSX:EFL) 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 IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe.To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.Forward-Looking StatementsThis press release contains forward‐looking statements, including statements that relate to, among other things, completion of the Offering and the use of proceeds thereof, intentions, beliefs, expectati...