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Electrovaya Closes Credit Facility Agreement to Finance Purchase Orders
November 11, 2019
Source: Yahoo Finance
Electrovaya Inc. ("Electrovaya" or the "Company") (EFL.TO) (EFLVF) today announced that it has closed an agreement with a Canadian financial institution for a secured Cdn $5.5 million credit facility. The facility will support fulfilment of Electrovaya's recently announced purchase orders.
The Cdn $5.5 million purchase order facility is in addition to the previously announced bridge facility of Cdn $1.5 million from the same lender. Accordingly, the total credit facility limit is Cdn $7 million . Under the terms of the credit agreement, the Company has also issued 1.5 million common shares to the lender.
About Electrovaya Inc.
Electrovaya Inc. (EFL.TO) (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.
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