• Exro Technologies (EXRO) announced that Eight Capital has agreed to purchase 15,000 debenture units for gross proceeds of $15,000,000
  • The debentures will mature on December 31, 2027, and will accrue interest at the rate of 12.0 per cent per annum
  • The company will be entitled to redeem the debentures at 105 per cent of par plus accrued and unpaid interest after December 31, 2024
  • The offering is expected to close on or about December 22, 2022
  • Exro Technologies Inc. (EXRO) opened trading at C$2.00

Exro Technologies (EXRO) announced that Eight Capital has agreed to purchase 15,000 debenture units for gross proceeds of $15,000,000.

Each unit will consist of a $1,000 principal amount senior secured convertible debenture and 416 common share purchase warrants.

Exro has granted the underwriters led by Eight Capital an over-allotment option to purchase up to an additional 2,250 units. If the underwriters exercise this option in full, the aggregate gross ‎proceeds of the offering will be $17,250,000 million.‎

Net proceeds will be used to fund the commercialization of the company’s power electronic technology.

The debentures will mature on December 31, 2027, and will accrue interest at the rate of 12.0 per cent per annum, payable semi-annually in arrears beginning on June 30, 2023.

The company will be entitled to redeem the debentures at 105 per cent of par plus accrued and unpaid interest at any time following December 31, 2024.

All securities issued will be subject to a statutory four-month hold period.

The offering is expected to close on or about December 22, 2022.

Exro Technologies is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries.

Exro Technologies Inc. (EXRO) opened trading at C$2.00.


More From The Market Online
water bottle in space

Pulsar Helium teams with Send My Stuff to Space to elevate STEM education

Pulsar Helium (TSXV:PLSR) signed a partnership with Send My Stuff To Space to enhance educational opportunities for STEM students.
Lightspeed Introduces the Next Generation Kitchen Display System (CNW Group Lightspeed Commerce Inc.

Buzz on the Bullboards: Bombardier, world woes, a smart fridge, and top shelf weed

A highlight of the week was Bombardier (TSX:BBD), which reported impressive growth in its Q3 2024 results.
Exxon Mobil’s first lithium rig conducting appraisal work in Arkansas

LG Chem taps ExxonMobil for lithium offtake

LG Chem and Exxon Mobil (NYSE:XOM) announce a memorandum of understanding for a multi-year lithium offtake agreement.