Exro Technologies (TSX: EXRO) (OTCQB: EXROF), a leading clean-technology company that develops new-generation power-control electronics that expand the capabilities of electric motors and batteries, has completed its previously announced bought deal financing; the financing includes the exercise in full of the underwriters’ overallotment option. The deal comprised a total of 15,525,000 common shares sold at C$2.25 per common share, resulting in gross proceeds for Exro of C$34,931,250. According to the announcement, the company anticipates using the funds from the offering for capital expenditure and working capital obligations related to its definitive commercialization agreement with Linamar Corporation (TSX: LNR) as well as for general working capital purposes. “We are very pleased to have successfully closed this financing in what we know is a challenging market backdrop for investors,” said Exro Technologies CEO Sue Ozdemir in the press release. “We appreciate the ongoing support of our largest shareholders and welcome a host of new institutional investors to Exro. We look forward to continuing our mission to build a valuable company on behalf of all shareholders by investing the proceeds of this offering to progress our world-class manufacturing facility in Calgary (on track to begin series production next quarter) and our next-generation technologies to meet the growing demand for our advanced power controls for electric vehicles as well as stationary energy storage systems.”
To view the full press release, visit https://ibn.fm/tZMr3
About Exro Technologies Inc.
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. The company’s innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil Driver(TM)) and stationary energy storage (Cell Driver(TM)), and act to accelerate adoption toward a circular electrified economy by delivering more with less — minimum energy for maximum results. For more information about the company, please visit www.Exro.com.
NOTE TO INVESTORS: The latest news and updates relating to EXROF are available in the company’s newsroom at http://ibn.fm/EXROF
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