Not for distribution to United States newswire services or for dissemination in the United States
VANCOUVER, BC / ACCESSWIRE / July 10, 2020 / Exro Technologies Inc. (CSE:XRO) (the "Company" or "Exro") is pleased to announce the closing of its marketed short form prospectus offering pursuant to which the Company issued 11,428,571 units of the Company ("Units") at a price of $0.70 per unit for gross proceeds of Cdn $8,000,000 (the "Offering").
Each Unit consists of one common share of the Company (a "Unit Share") and one-half of a common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") at a price of $0.90 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 "Offering Jurisdictions").
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 at www.sedar.com or by request to Gravitas Securities Inc. at [email protected].
This press release does not constitute an offer to sell or a solicitation of an offer to buy the Units in any jurisdiction, nor will there be any offer or sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Units have not and will not be registered under the U.S. Securities Act or any U.S. state securities laws, and therefore will not be offered or sold within the United States except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Exro Technologies Inc.
Exro is a Clean Tech company that has developed a new class of control technology for electric powertrains. Exro's advanced motor control technology, our "Coil Driver", expands the capabilities of electric motors and powertrains. The Coil Driver enables two separate torque profiles within a given motor. The first is calibrated for low speed and high torque, while the second provides expanded operation at high speed. The ability to change configuration allows efficiency optimization for each operating mode, resulting in overall reductions in energy consumption. The controller automatically and seamlessly selects the appropriate configuration in real time so that torque demand and efficiency are optimized.
The limitations of traditional electric machines and power technology are becoming more evident. In many increasingly prominent applications, traditional methods cannot meet the required performance. This means either oversizing the equipment, adding additional motors, or implementing heavy mechanical geared solutions. Exro offers a new solution for system optimization through implementation of the technology which can yield the following results: increased drive cycle efficiency, reduced system volume, reduce weight, expanded torque and speed capabilities. Exro allows the application to achieve more with less energy consumed.
ON BEHALF OF THE BOARD OF DIRECTORS
Sue Ozdemir, Chief Executive Officer
CONTACT INFORMATION
Canada: Jake Bouma
VP of Investor Relations
604-317-3936
United States: Vic Allgeier
TTC Group Inc.
646-841-4220
Email: [email protected]
Forward Looking Statements
Certain statements contained in this News Release may constitute forward-looking statements. When used in this document, the words "believe", "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual performance or achievements to vary from those described herein, including those risk factors described in the Company's Annual Information Form, Prospectus and in the documents incorporated by reference therein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not assume any obligation to update these forward-looking statements, except as required by law.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE: Exro Technologies Inc.