Ms. Sue Ozdemir reports
EXRO ANNOUNCES CLOSING OF OVERSUBSCRIBED CDN $8 MILLION PROSPECTUS OFFERING OF UNITS LED BY GRAVITAS SECURITIES
Exro Technologies Inc. has closed its marketed short-form prospectus offering pursuant to which the company issued 11,428,571 units of the company at a price of 70 cents per unit for gross proceeds of $8-million.
Each unit consists of one common share of the company and one-half of a common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 90 cents per warrant share for a period of 24 months following the closing of the offering, subject to certain acceleration rights of the company. The offering was led by Gravitas Securities Inc. as the sole agent and sole book runner in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario.
The net proceeds from the offering will be used for: further research and development of the company's coil switching technology for commercialization in the mobility segment including micro, light and commercial electric vehicle programs, marketing, capital investments, and general working capital requirements. Proceeds from the additional increase in the offering will be added to general working capital requirements.
The company has applied to list the unit shares and the warrant shares on the Canadian Securities Exchange.
A copy of the prospectus is available under the company's profile on SEDAR or by request to Gravitas Securities Inc. at firstname.lastname@example.org.
About Exro Technologies Inc.
Exro is a clean-tech company that has developed a new class of control technology for electric powertrains.
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