- Exro Technologies (EXRO) has closed a bought deal convertible debenture financing for gross proceeds of $15 million
- Exro sold 15,000 units at a price of $1,000 per unit
- Each unit consists of one senior secured convertible debenture in the principal amount of $1,000 and 416 common share purchase warrants
- The company will be entitled to redeem the debentures at 105 per cent of par plus accrued and unpaid interest after December 31, 2024
- Exro Technologies is a leading clean technology company
- Exro Technologies Inc. (EXRO) opened trading at C$1.97
Exro Technologies (EXRO) has closed its previously-announced bought deal convertible debenture financing for gross proceeds of $15 million.
Exro sold 15,000 units at a price of $1,000 per unit. Each unit consists of one senior secured convertible debenture in the principal amount of $1,000 and 416 common share purchase warrants.
Net proceeds from the offering will be used for working capital and general corporate purposes.
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.
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$1.97.