There's something annoying if they are due to aquire above 100M$ asset "at a fraction of the tangible asset value" why they raise money in such bad conditions ?????? Something wrong.

-Each unit was sold at Cdn$0.90 and consists of one common share and one half of one common share purchase warrant of the Company. Each whole share purchase warrant will be exercisable into one common share of the Company within a period of 18 months at a price of Cdn$1.25 per share.

-TORONTO, December 31, 2014 -

Electrovaya Inc. (TSX: EFL) (the “Company”) announces the closing of the second tranche of a “best efforts” brokered private

placement to accredited investors of units of the Company sold by Euro Pacific Canada Inc. and Jacob Securities Inc., as co-lead agents. The Company raised combined gross proceeds of aproximately Cdn $2 million from this tranche and the first tranche that closed on December 24, 2014. If a third tranche of the financing is completed, it is expected to be completed on or before January 9, 2015.

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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.