Mr. Fraser Atkinson reports

GREENPOWER ANNOUNCES TERM LOAN OFFERING

Greenpower Motor Company Inc. has obtained a term loan offering of up to $2-million (U.S.) from several lenders. The company may, at its discretion, elect to close the loan in one or more tranches. The loan will be secured with a general security agreement on the assets of the company subordinated to all senior debt with financial and other institutions, and will bear interest of 12 per cent per annum commencing on the date of advance to and including the date all of the company's indebtedness pursuant to the loan is paid in full. The term of the loan will be two years from the advance date.

The company anticipates closing the first tranche of $500,000 (U.S.) from companies associated with the chief executive officer and a director of the company. Management anticipates that the company will allocate the net proceeds from the loan toward production costs, supplier payments, payroll and working capital.

As an inducement for the loan, the company will issue non-transferable share purchase warrants to each initial lender with the number of loan bonus warrants to be determined by the amount of the loan to each individual lender divided by the market price (as such term is defined in the policies of the TSX Venture Exchange). Each loan bonus warrant will entitle the holder to purchase one common share of the company at an exercise price of not less than the market price of the shares on the closing date for a period of 24 months from the closing date. The issuance of the loan bonus warrants remains subject to acceptance by the exchange.

For future tranches, the company may issue loan bonus warrants or bonus common share up to 20 per cent of the amount of the loan (determined by 20 per cent of the amount of the loan divided by the market price) or a combination of loan bonus warrants and loan bonus shares.

The company may pay a finder's fee in connection with the loan. Closing of the loan is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including exchange acceptance. All securities issued in connection with the loan will be subject to a statutory hold period of four months plus a day from the closing of the loan in accordance with applicable securities legislation.

Certain insiders, including the initial lenders, participating in the loan, are considered to be a related party within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) and the loan and issuance of loan bonus warrants are considered to be related-party transactions within the meaning of MI 61-101, but each is exempt from the formal valuation requirement and minority approval requirements of MI 61-101 by virtue of the exemptions contained in Section 5.5(a) and 5.7(a) as the fair market value of the loan and loan bonus warrants is not more than 25 per cent of the company's market capitalization.

About Greenpower Motor Company Inc.

Greenpower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium- and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van, and a cab and chassis. Greenpower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This original equipment manufacturer platform allows Greenpower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. Greenpower was founded in Vancouver, Canada, with primary operational facilities in Southern California. Listed on the Toronto Stock Exchange since November, 2015, Greenpower completed its U.S. initial public offering and Nasdaq listing in August, 2020.

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