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2061236 Ontario Ups Stake in Canadian Battery Provider Electrovaya for CDN 252,000
Wednesday 13 June 2018

13 June 2018 - Canada-based asset management company 2061236 Ontario Inc., a corporation controlled by Dr. Sankar Das Gupta, has acquired 1.68m units consisting of one common share of Canada-based portable Lithium-ion battery power solutions provider Electrovaya Inc. and one-half of one warrant to purchase one common share in a wider private placement of units by Electrovaya, the company said.

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 CDN 0.20 (USD 0.15) per common share.

The offering was completed on May 30, 2018.

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 CDN 0.15 per unit (USD 0.115), or CDN 252,000 (USD 194,000) 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 regularise and increase cash flow.
Details
Date Published: 13/06/2018
Target: Electrovaya/additional stake
Country: Canada
Deal Size: 194,000 (USD)
Sector: Electronics
Type: Stakebuilding
Financing: Cash
Status: Agreed
Vendor:
Buyer: 2061236 Ontario Inc
Comment:
After completion of the offering, 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.

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