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Electrovaya Closes Credit Facility Agreement to Finance Purchase Orders
Electrovaya Closes Credit Facility Agreement to Finance Purchase Orders Canada New...
About this update from Electrovaya Inc.
[{"type":"text","content":"\n\n\n\nElectrovaya Closes Credit Facility Agreement to Finance Purchase Orders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 11, 2019\n\n\n\nTORONTO, Nov. 11, 2019 /CNW/ - Electrovaya Inc. (\"Electrovaya\" or the \"Company\") (TSX:EFL) (OTCQX:EFLVF) today announced that it has closed an agreement with a Canadian financial institution for a secured Cdn $5.5 million credit facility. The facility will support fulfilment of Electrovaya's recently announced purchase orders.\nThe Cdn $5.5 million purchase order facility is in addition to the previously announced bridge facility of Cdn $1.5 million from the same lender. Accordingly, the total credit facility limit is Cdn $7 million. Under the terms of the credit agreement, the Company has also issued 1.5 million common shares to the lender.\nAbout Electrovaya Inc.\nElectrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) 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. \nTo learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.\nForward-Looking Statements\nThis press release contains forward-looking statements, including statements that relate to, among other things, the expected use of proceeds of the credit facility, whether this will expand Electrovaya's market reach, anticipated increased collaboration with OEMs in fiscal 2019, anticipated continued increase in sales momentum in fiscal 2019 through OEMs and directly to large global companies, including Fortune 500 companies, the Company's ability to source supply to satisfy demand for its products and satisfy current order volume, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can generally be identifi...