Elektromotive

Elektromotive: Proposes rights issue of 7 rights for 10 existing shares at $0.003 with 3 attached warrants for every rights share. Issue price is approx 40% disc to closing price of $0.005 per share. The exercise price of the warrants will be fixed at $0.003 for a new rights warrant share. Net proceeds will be approx $5.2m and is expected to be used for expansion purposes.