Ener1 to Receive $5.52 Million in Financing.
Lithium battery interest Ener1, Inc. recently announced that its majority shareholder Ener1 Group, Inc. has exercised warrants for 34.5 million shares of the company's common stock to provide $2.76 million in immediate working capital financing to the company to fund operations.
According
Ener1 noted that the 10-year warrants involved were issued in connection with the company's purchase from Ener1 Group of its initial battery operations in September 2002 and have an exercise price of eight cents per share.
Ener1 expects the definitive agreement will contain milestone requirements that will have to be completed as a condition to Ener1 Group's exercise of the additional 34.5 million warrants, including completion of the company's 2005 audit and restatement of its 2004 audited financial statements, filing of the company's Form 10-KSB for 2005 and filing of restated company financial statements for the quarters ended March 31 and June 30, 2005.
Contact: Alys Daly, Ener1, phone 954-202-4442, e-mail adaly@ener1.com.
(EIN STAFF: 2/8)
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