16th Dec 2009 07:00
16 December 2009
Enova Systems, Inc ("Enova" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA
Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States of America, Canada, Australia, the Republic of Ireland, the Republic of South Africa or Japan. Any failure to comply with this restriction may constitute a violation of United States, Canadian, Australian, South African, Irish or Japanese securities laws.
Closing of Purchase Agreement
On December 15, 2009, Enova Systems, Inc. (the "Company" or "Enova") sold a total of 9,024,960 shares (the "Investor Shares") of the Company's common stock, no par value ("Common Stock"), at $1.00 (U.S.) per share for gross proceeds of $9,024,960 pursuant to the terms of the previously disclosed Purchase Agreement ("Purchase Agreement").
Closing of Placement Agreement
On December 15, 2009, Enova sold 1,323,200 shares of the Company's common stock, no par value, at 62.5 Pence (the "Placing Price"), or approximately the equivalent of $1.00 (U.S. Dollars) per share as of such date based on the exchange rate on Decenber 15, 2009 as reported by Oanda. Gross proceeds were 827,000 Pounds, or approximately $1,323,200 (U.S. Dollar) pursuant to the terms of the previously disclosed Placing Agreement ("Placing Agreement").
For further details:
Enova Systems, Inc Tel: +1 310 527 2800
Mike Staran, President and Chief Executive Officer
Jarett Fenton, Chief Financial Officer
Investec Tel: 020 7597 5970
James Grace / Keith Anderson
Related Shares:
Enova Systems Inc