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Article: ECOtality Signs Definitive Agreements for $15.5 Million Capital Raise.
- Article from:
- Business Wire
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Transaction eliminates all $9.1 million of existing debt and provides capital to support ECOtality's anticipated growth
SCOTTSDALE, Ariz. -- ECOtality, Inc. (OTCBB:ETLY), a leader in clean electric transportation and storage technologies, today announced it has entered into definitive agreements with institutional investors, including existing shareholders, for a capital investment of approximately $15.5 million in equity financing. In addition to the capital raise, the debenture holders of ECOtality will convert all $9.1 million of existing debentures and related warrants into equity.
The net proceeds of the investment funds will be utilized as working ...
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