Electrofuel Inc. began trading on the TSE on Friday,November 10, 2000 under the symbol EFL. The Company’s share offering resulted in the issueof 6,250,000 common shares at a price of C$8.00 per share for total gross proceeds of C$50million. CIBC World Markets Inc. acted as the lead manager for a syndicate of underwritersconsisting of Yorkton Securities Inc., Goepel McDermid Inc., Scotia Capital Inc and TDSecurities Inc.
The Company previously raised U.S. $30 million in January 2000 from the private placement of1,875,000 special warrants. As a result of the completion of this offering, the special warrantswill be automatically exercised for 8,589,938 common shares for no proceeds.
Electrofuel has developed a Lithium Ion SuperPolymer technology that enables it to produceportable rechargeable batteries with significantly longer run-times, for their size and weight, thanother rechargeable batteries currently in commercial production. Due to its longer run-time andform factor, the Company’s technology has a broad spectrum of potential applications. ThePowerPad 160, an external portable rechargeable battery providing up to eight times more power for portable notebook computers than conventional battery packs, is the Company’s firstcommercial product. The Company will use the proceeds from the offering for high volumeproduction of the PowerPad 160 and its other products.
About Electrofuel
Electrofuel Inc. is engaged in the development, commercialization, manufacturing and marketingof its Lithium Ion SuperPolymer rechargeable battery technology. Electrofuel’s goal is tobecome the leading provider of portable power technology for the portable computer and wirelesssectors, and to apply its technology to alternative power applications in the transportation,defense, aerospace, consumer products and medical industries.
Electrofuel Inc. Upkar Arora
(416) 535-1114 ext. 227 dmurdoch@gomi.com
iContact CommunicationsUpkar Arora Michael Van Dusen
(416) 926-2491michael.vandusen@icontact.ca