Exro Announces Closing of Brokered Public Offering and Update on Concurrent Non-Brokered Private Placement
CALGARY, Alberta, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Exro Technologies Inc. (TSX: EXRO, OTCQB: EXROF) (the "Company" or "Exro"), a leading clean technology company that has developed industry disruptive next generation power electronics that expands the capabilities of electric motors and batteries, announced today that it has closed its previously announced brokered public offering (the "Offering"). Pursuant to the Offering, Exro sold 7,920,000 units ("Units") at a price of $1.05 per Unit (the "Issue Price") for aggregate gross proceeds of $8,316,000. Each Unit consists of one common share of the Company (each, a "Common Share") and one share purchase warrant of the Company (each, a "Warrant") entitling the holder thereof to acquire, subject to adjustment in certain circumstances, an additional Common Share at an exercise price of $1.36 for a period of 48 months following the closing of the Offering (the "Closing Date"), provided that if at any time after the Closing Date the closing price of the Common Shares on the Toronto Stock Exchange (the "TSX"), or such other stock exchange where the majority of the trading volume occurs, exceeds or is equal to $2.72 per Common Share (on a volume-weighted adjusted basis) for a period of twenty (20) consecutive trading days, the Company may, at its sole discretion, elect to accelerate the expiry date of the Warrants to the date that is 30 calendar days after the Company issues a press release announcing that it has exercised such acceleration right. The Warrants are governed by the terms of a warrant indenture (the "Indenture") dated September 1, 2022 between the Company and Computershare Trust Company of Canada, as warrant agent, a copy of which will be available under the Company's profile on SEDAR at www.sedar.com. For further details regarding the Warrants, please refer to the Indenture.
- Pursuant to the Offering, Exro sold 7,920,000 units ("Units") at a price of $1.05 per Unit (the "Issue Price") for aggregate gross proceeds of $8,316,000.
- Between the brokered public offering closing today, and the concurrent non-brokered private placement set to close near mid-September, the Company is through our $10 million target.
- The Agents were paid a commission of 6% in respect of Units sold by them in the Offering.
- All securities to be issued pursuant to the Concurrent Private Placement will be subject to a four month hold period from the date of issue.