Sankar Das Gupta Acquires Units of Electrovaya Inc.
May 31 2018 - 8:13AM
Dr. Sankar Das Gupta (the “
Acquiror”), through
2061236 Ontario Inc., a corporation controlled by him, acquired
1,680,000 units (the “
Units”) consisting of one
common share (each, a “
Common Share”) of
Electrovaya Inc. (“
Electrovaya”) and one-half of
one warrant to purchase one Common Share (each whole warrant, a
“
Warrant”) in a wider private placement of Units
from treasury by Electrovaya to certain of its directors, officers
and employees (the “
Offering”). Each Warrant will
entitle the holder thereof to acquire one Common Share for a period
of 36 months from the date of issuance at a price of C$0.20 per
Common Share. The Offering was completed on May 30, 2018 (the
“
Closing Date”).
Prior to the completion of the Offering, Dr. Das
Gupta beneficially owned and controlled 46,733,754 Common Shares
(47.09% of the issued and outstanding Common Shares), on a
partially diluted basis. After completion of the Offering, Dr. Das
Gupta beneficially owns and controls 49,253,754 Common Shares
(49.5% of the issued and outstanding Common Shares), on a partially
diluted basis.
The Units were issued at an agreed purchase
price of C$0.15 per Unit, or C$252,000 in the aggregate.
The Acquiror acquired the Units in the Offering
as an investment in the Company and to assist with Electrovaya’s
short term liquidity needs, as the company’s liquidity position in
the short-term required a cash injection to continue to satisfy
ongoing purchase orders while it continues to work with customers
to regularize and increase cash flow. The Acquiror may, from time
to time in the future, increase or decrease direct or indirect
ownership, control or direction over the Common Shares, Warrants or
other securities of Electrovaya through market transactions,
private agreements, subscriptions from treasury or otherwise,
subject to applicable securities laws. The Acquiror has no present
plans or intentions which relate to or would result in any of the
transactions or circumstances identified in Item 5 of Form 62-103F1
- Required Disclosure under the Early Warning Requirements.
Electrovaya’s head office is located at 2645
Royal Windsor Drive, Mississauga, Ontario, L5J 1K9.
For further information, including a copy of the
corresponding report filed with Canadian securities regulators,
contact:
Sankar Das Gupta 2645 Royal Windsor
DriveMississauga, OntarioL5J 1K9
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