Exro Technologies (CSE: XRO) (OTCQB: EXROF) on Thursday announced that due to investor demand, it is increasing the size of its previously announced offering (the “Offering”) of units of the Company (“Units”) from CA$5,000,000 to CA$8,000,000. According to the update, Exro, on June 23, 2020, filed a preliminary short form prospectus with respect to the Offering. Exro will use the net proceeds for further research and development of its intelligent battery management system, micro, light and commercial electric vehicle programs, marketing, capital investments, as well as for general working capital. Proceeds from the additional increase in the Offering will be added to general working capital requirements.
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About Exro Technologies Inc.
Exro is a clean technology company that has developed patented coil driver technology which is used for electric motors to create greater speed, power and distance, while reducing weight and space. The Company’s coil driver technology expands the capabilities and efficiency of electric motors by enabling two separate torque profiles within an electric motor; one profile for low speed and high torque and another profile for high speed and low torque. The coil driver technology ultimately translates into increased system efficiency and optimization for electric motors while consuming less energy and reducing costs. Exro has spent time and resources validating the coil driver technology with world-class partners and is now fully focused on commercializing its unique product as world governments push clean technology. For more information, visit the company’s website at www.Exro.com.
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