On March 28, 2017, Electrovaya Inc. (TSX: EFL) (OTCQX: EFLVF) announced that it had completed the first tranche of its previously announced private placement of convertible unsecured subordinated debentures, having issued $15 million principal amount of debentures to a lead subscriber.
The lead subscriber was also issued 1,740,000 warrants, each of which is exercisable to purchase one common share in the capital of the company at a price of $2.80 per common share until March 26, 2020.
As a condition of closing of the first tranche, Dr. Sankar DasGupta, Chief Executive Officer of Electrovaya, agreed to loan 6,976,744 common shares to the lead subscriber for a period of up to 36 months.
Geoff Clarke and Mack Hosseinian of Miller Thomson advised Dr. DasGupta with respect to his role in this private placement.
