Business
Electrovaya Completes the Repayment of its $15 million Debentures and its $10 million Purchase Order Financing Facility
TORONTO, ONTARIO / ACCESSWIRE / September 29, 2020 / Electrovaya Inc. (" Electrovaya ") ...
About this update from Electrovaya Inc.
[{"type":"text","content":"Electrovaya Completes the Repayment of its $15 million Debentures and its $10 million Purchase Order Financing FacilityTORONTO, ONTARIO / ACCESSWIRE / September 29, 2020 / Electrovaya Inc. (\"Electrovaya\") (TSX:EFL)(OTCQB:EFLVF) completed the repayment of its $15 million unsecured 9% convertible debentures by the payment of the remaining $2 million due September 29, 2020 to the debenture holder, an institutional investor. The terms of the debentures were previously amended as disclosed in a news release dated April 8, 2020 and have now been fully repaid.To repay the remaining amount outstanding under the debentures, Electrovaya amended an existing promissory note with a Canadian financial institution to increase the amount outstanding thereunder from $2.83 million to $6 million, which allowed the repayment of the remaining $2 million of the debentures and made an additional $1.17 million available for Electrovaya's use for general corporate purposes.Electrovaya had also previously entered into two purchase order facilities of $5.5 million and $4.5 million for a total of $10 million from the same Canadian financial institution. Both these facilities have recently been repaid from Electrovaya's operating cash flows. These loans were specifically for the fulfilment of battery deliveries to Walmart Canada and to a Raymond Corporation client in the USA, respectively.Electrovaya continues to operate a $7 million revolving working capital credit facility for its growing business in lithium ion batteries. All currencies above are in Canadian dollars.For more information:Investor Contact:Jason RoyElectrovaya Inc.Telephone: 905-855-4618Email: [email protected] Contact:Peter KovenBay Street CommunicationsTelephone: 647-496-7857Email: peterkoven@baystreetcommunicationsAbout Electrovaya Inc.Electrovaya Inc. (TSX:EFL)(OTCQB: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.To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.Cautionary Note Regar...