Electrovaya Announces C$3.795 Million Private Placement with an Institutional Investor

TORONTO, ON / ACCESSWIRE / September 27, 2021 / Electrovaya Inc. ("Electrovaya" or the "Company") (TSX:EFL)(OTCQB:EFLVF), a lithium ion battery manufacturer with industry-leading performance and substantial intellectual property, today announced that it has entered into a securities purchase agreement for a private placement of the Company's common shares (a "Common Share" and, collectively, the "Common Shares") and warrants to purchase common shares ("Common Warrants") to a single institutional investor for aggregate gross proceeds to the Company of approximately C$3.795 million (the "Private Placement"). Pursuant to the Private Placement, the Company will issue up to 2,919,230 Common Shares and Common Warrants to purchase up to 1,459,615 Common Shares at a combined purchase price of C$1.30 per Common Share and associated Common Warrant. Each Common Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$1.60 per Common Share at any time prior to the three-year anniversary of the closing date of the Private Placement (the "Closing Date"). The Company expects the Closing Date to occur on or about September 29, 2021. The Private Placement is subject to the satisfaction of certain customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange.

Foto: Accesswire

A.G.P./Alliance Global Partners is acting as financial advisor for the Private Placement in the United States.

In the United States, the Common Shares, Common Warrants and the shares issuable upon the exercise of the Common Warrants will be offered on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and certain other jurisdictions in accordance with applicable securities laws.

No securities will be offered for sale or sold in Canada.

This news release shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company nor shall there be any sale of any of the securities in any jurisdiction in Canada in connection with the Private Placement; nor shall it constitute an offer to sell, or the solicitation of an offer to buy, any securities of the Company nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release shall not constitute an offer of securities for sale in the United States. The securities have not been, nor will be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements.