Electrovaya Closes Second Tranche of Private Placement

Electrovaya (TSX:EFL) has closed the second tranche of a best efforts private placement on Wednesday. Gross proceeds of roughly C$2 million were raised over this tranche and the first tranche of the placement.

As quoted in the press release:

Each unit was sold for Cdn $0.70 and comprises one common share of the Company and one common share purchase warrant of the Company. Each common share purchase warrant is exercisable to acquire one common share of the Company at a price of Cdn $1.05 for a period of up to 36 months from the date of issue.

Click here to read the Electrovaya (TSX:EFL) press release