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 Lucas Zimmerman or Mark Schwalenberg, CFA
This email address is being protected from spambots. For more information, please visit Company Contact: Vicinity's innovative Vicinity Lightning™ EV bus, enabled through a strategic supply agreement with BMW for batteries and components, seeks to lead the global transition to more sustainable transit vehicles in the private and public markets.
The Company's flagship line of Vicinity™ buses, which maintains a market segment leadership position in Canada, is produced by the Company's world-class manufacturing partners and will be produced at the soon to be completed Buy America Act compliant assembly facility in the State of Washington. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a leading supplier of electric, CNG and clean-diesel vehicles for both public and commercial enterprise use in the U.S and Canada. The Company received TSX Venture Exchange approval to close the Offering and issue the Debentures and Warrants. The Debentures, Warrants and the Common Shares issuable upon the exercise of the Warrants or conversion of the Debentures will be subject to a statutory resale restriction expiring on February 5, 2022. The Company paid an administrative fee of 0.5% of the funds raised to Leede Jones Gable Inc.
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The repayment shall be in cash, against the principal amount of the Debenture plus accrued and unpaid interest.
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The Company will have the right at any time, on 10 days' notice, to prepay the Debentures in whole or in part, pro rata among the holders. Holders converting their Debentures will receive accrued and unpaid interest thereon to the date of actual conversion.
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. (NASDAQ:VEV) (TSXV:VMC) (FRA:6LGA) ("Vicinity Motor" or the "Company"), 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").
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