CALGARY,
AB, May 15, 2023 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO), (OTCQB: EXROF) (the "Company" or
"Exro"), a leading clean-technology company that develops new
generation power-control electronics that expand the capabilities
of electric motors and batteries, is pleased to announce that the
Company has entered into an agreement with a syndicate of Canadian
underwriters (collectively, the "Underwriters"), pursuant to which
the Underwriters have agreed to purchase, on a bought deal basis,
13,500,000 common shares in the capital of the Company (the "Common
Shares") at a price of C$2.25 per
Common Share for gross proceeds to the Company of C$30,375,000 (the "Offering").
The Company has granted the Underwriters an option to purchase
up to an additional 2,025,000 Common Shares (the "Over-Allotment
Option Common Shares" and together with the Common Shares, the
"Offered Securities") to cover over-allotments, if any, and for
market stabilization purposes at a price of $2.25 per Over-Allotment Option Common Share for
additional gross proceeds of up to C$4,556,250 (the "Over-Allotment Option"),
exercisable in whole or in part, at any time on or prior to the
date that is 30 days following the closing date.
The Company intends to use the net proceeds from the Offering to
meet the capital expenditure and working capital obligations
associated with certain strategic partnership and collaboration
agreements, and for general working capital purposes.
The Common Shares will be issued by way of a prospectus
supplement that will be filed in all provinces of Canada, other than Quebec, under the Company's base shelf
prospectus dated May 8, 2023. The
Common Shares may also be sold in the
United States on a private placement basis pursuant to an
exemption from the registration requirements of the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), and
other jurisdictions outside of Canada provided that no prospectus filing or
comparable obligation arises.
The Offering is scheduled to close on or about May 23, 2023, and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the approval of
the Toronto Stock Exchange and the securities regulatory
authorities.
The securities offered in the Offering have not been, and will
not be, registered under the U.S. Securities Act or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or for the account or
benefit of, United States persons
absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation, or sale would be unlawful.
ABOUT EXRO TECHNOLOGIES
INC.
Exro Technologies Inc. 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. The company's innovative
technologies serve to bridge the performance-cost gap in e-mobility
(Coil DriverTM) and stationary energy storage (Cell
DriverTM), and act to accelerate adoption towards a
circular electrified economy by delivering more with less – minimum
energy for maximum results.
For more information visit our website at www.exro.com.
To view our Corporate Presentation visit us at
www.exro.com/investors.
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects", "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward looking statements
involve risks, uncertainties, and other factors disclosed under the
heading "Risk Factors" in the Company's 2022 Annual Information
Form (available at www.sedar.com) and elsewhere in filings with
Canadian securities regulators, that could cause actual results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking statements. In
the event the Offering is not completed, the Company may need to
source alternative forms of financing that may lead to delays in
fulling its commitments under certain strategic partnership and
collaboration agreements. Although the Company believes that the
assumptions and factors used in preparing these forward-looking
statements are reasonable based upon the information currently
available to management as of the date hereof, actual results and
developments may differ materially from those contemplated by these
statements. Readers are therefore cautioned not to place undue
reliance on these statements, which only apply as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. Except where
required by applicable law, the Company disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2022, and financial
statements and related MD&A for the financial year ended
December 31, 2022, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated, or expected. Although the Company has
attempted to identify important risks, uncertainties, and factors
that could cause actual results to differ materially, there may be
others that cause results not to be as anticipated, estimated, or
intended. The Company does not intend, and does not assume any
obligation, to update this forward-looking information except as
otherwise required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Exro Technologies Inc.