CALGARY,
AB, June 24, 2024 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the "Company"
or "Exro"), a leading clean technology company that provides
proprietary motor-control and complete electric propulsion system
technology for e-mobility, today announced interest payment details
in relation to the Company's outstanding convertible debentures
(the "Debentures").
Pursuant to the terms of the Company's C$15,000,000 Debentures issued on December 30, 2022, the Debentures bear interest
at 12% per annum, payable semi-annually in arrears beginning on
June 30, 2023 (the "Due Date"). As of
June 24, 2023, the Company has 14,950
debenture units outstanding, and an aggregate amount of interest
owing on the Debentures payable of C$897,000 (the "Interest"). The Company has
elected to issue 1,794,000 common shares in the capital of the
Company ("Common Shares") at a deemed price of $0.50 to the debenture holders as payment for the
interest. Pursuant to the Debentures, the deemed issue price per
Common Share is calculated based on the volume weighted average
trading price of the Common Shares for the five trading days
immediately prior to June 24,
2024.
The issuance of the Common Shares as payment for interest owing
on the Debentures is subject to the terms and conditions of the
Debentures as well as the receipt of all requisite approvals,
including, without limitation, the approval of the Toronto Stock
Exchange.
ABOUT EXRO TECHNOLOGIES INC.
Exro Technologies Inc., now expanded through the strategic
acquisition of SEA Electric, is a leading clean technology company
that has developed new generation power control electronics. Its
innovative suite of solutions, including Coil Driver™ motor
control, Cell Driver™ energy storage system, and SEA-Drive®
propulsion system, expand the capabilities of electric motors and
batteries and offer users a comprehensive e-propulsion solution
with unmatched performance and efficiency. Exro is reshaping global
energy consumption, accelerating 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 using 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" and
elsewhere in the Company's filings with Canadian securities
regulators, which could cause actual results, performance,
prospects, and opportunities to differ materially from those
expressed or implied by such forward-looking statements. 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 times
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 which 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.