Electrofuel Inc. announced today that it has filed a final prospectusrelating to a public offering of 6,250,000 common shares at a price of C$8.00 per share for total grossproceeds of C$50 million.
CIBC World Markets Inc. is the lead manager for a syndicate of underwriters consisting of YorktonSecurities Inc., Goepel McDermid Inc., Scotia Capital Inc. and TD Securities Inc.
Electrofuel has also granted the underwriters an over-allotment option, exercisable within 30 days of theclosing of the offering, for the purchase of an additional 937,500 common shares at C$8.00 per share.Assuming the exercise of the over-allotment option in full, total gross proceeds for the offering will beC$57.5 million.
The Corporation has received conditional approval for the listing of its common shares on The Toronto StockExchange under the symbol “EFL”, subject to fulfilling all of the standard listing requirements of the TSE.
The offering is expected to close on or about November 10, 2000 and Electrofuel’s common shares areexpected to begin trading on the TSE on that date.
Electrofuel also filed a prospectus qualifying the issue of 8,589,938 common shares to be issued upon theexercise of 1,875,000 special warrants previously issued by Electrofuel by way of private placement inJanuary, 2000.
About Electrofuel
Electrofuel Inc. is engaged in the development, commercialization, manufacturing and marketing of itsLithium Ion SuperPolymer rechargeable battery technology. Electrofuel’s goal is to become the leadingprovider of portable power technology for the portable computer and wireless sectors, and to apply itstechnology to alternative power applications in the transportation, defense, aerospace, consumer products andmedical industries.
For more information about our company and our products, please visit our website atwww.electrofuel.com .