The Debentures, in whole or in part, will be convertible into common shares of the Company at the option of the holder at any time following the occurrence of an Event of Default that is uncured for a period of ten (10) business days (the “Conversion Date”), at a conversion price equal to the market price on the date the Event of Default. Each Warrant will entitle the holder thereof to purchase one Common Share (each, a “Warrant Share”) at an exercise price of $7.50 per Warrant Share at any time up to 12 months following the closing date of the Offering (the “Closing Date”), subject to adjustment in certain events. The Debentures will be repaid in cash at maturity. The Company will use the proceeds for general working capital and to fund contract requirements for recently received Vicinity bus orders.Įach Unit was sold at an offering price of $985.00 per Unit and consists of one 8% unsecured debenture of the Company in the principal amount of $1,000 (each, a “Debenture”) with interest payable upon maturity being 12 months from the date the Debentures are issued and 40 common share purchase warrants (each, a “Warrant”) expiring 12 months after the date of issuance of such Warrants. Vicinity Motor Corp, A leading supplier of electric, CNG and clean diesel vehicles, announces that, further to its news release dated September 27, 2021, it has closed its non-brokered financing of unsecured debenture units (each a “Unit”) in the principal amount of CAD$10,300,000 (the “Offering”). Stock price at time of publication: $7.45 CAD ( reverse split price $2.48 CAD)īusiness: Leading supplier of electric, CNG, gas and clean-diesel buses forīoth public and commercial enterprise use in the U.S and CanadaĬomparable peer : Greenpower Motor , Market cap $403 MCAD Market cap at time of publication: $229.69 MCAD
#VICINITY MOTOR CORP UPDATE#
Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.Company: Vicinity Motor Corp(formerly Grande West Transportation ) Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve various risks and uncertainties.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. All statements, other than statements of historical fact, included herein are forward-looking statements. This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.Ĭautionary Note Regarding Forward-Looking Statements
MarketSmart Communications marketsmart.ca For more information, please visit Company Contact: Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. In addition, the Company sells its proprietary electric chassis alongside J.B. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a North American supplier of electric vehicles for both public and commercial enterprise use.
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