/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
CALGARY, AB, Feb. 4, 2022 /CNW/ – Exro Technologies Inc. (TSX:
EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading
clean technology company that has developed a new class of power
electronics for electric motors and batteries, announced today that
it has closed its previously announced bought deal offering (the
"Offering"). Pursuant to the Offering, Exro sold 12,722,450
units (the "Units") at a price of $1.60 per Unit (the "Issue Price") for aggregate
gross proceeds of $20,355,920. The
total number of Units sold in the offering includes 1,659,450 Units
issued pursuant to the exercise of an overallotment option granted
to the Underwriters, which was fully exercised by the Underwriters.
Each Unit consists of one common share in the capital of the
Company, and one half of one common share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant is exercisable for one
common share at a price of $2.00 per
common share until February 4,
2025.
The Offering was completed through a syndicate of underwriters
led by Eight Capital and Raymond James Ltd., as co-lead
underwriters and joint bookrunners and including Haywood Securities
Inc., ATB Capital Markets Inc. and Laurentian Bank Securities Inc.
(collectively, the "Underwriters"). In connection with the
Offering, the Underwriters were issued 750,847 broker's warrants
each entitling their holder to acquire one common share of the
Company at the Issue Price for a period of 36 months following the
closing of the Offering.
The Units were offered by way of an amended and restated
prospectus supplement dated February 1,
2022, to the Company's base shelf prospectus dated
December 16, 2021, filed with the
securities regulators in each of the provinces of Canada, copies of which are available under
the Company's profile on SEDAR at www.sedar.com.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent
control solutions in power electronics to help solve the most
challenging problems in electrification. Exro has developed a new
class of control technology that expands the capabilities of
electric motors, generators, and batteries. Exro enables the
application to achieve more with less energy consumed.
Exro's advanced motor control technology, the Coil
DriverTM, expands the capabilities of electric
powertrains by enabling intelligent optimization for efficient
energy consumption. Exro is working with many partners from all
over the world to bring their technology to the electric mobility
industries and beyond.
For more information visit our website at www.exro.com.
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 by the use of
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, that
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, 2020, and financial
statements and related MD&A for the financial year ended
December 31, 2020, 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.
SOURCE Exro Technologies Inc.