/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
AB, Sept. 13, 2024 /CNW/ - 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, is pleased to announce that it has
completed its previously announced public offering (the
"Offering") for a total of 71,429,000 units ("Units")
of the Company, at a price of $0.35
per Unit for aggregate gross proceeds of approximately $25.0 million. Each Unit consists of one (1)
common share of the Company (a "Share") and one-half of one
(1/2) Share purchase warrant (each whole warrant, a
"Warrant"), with each Warrant exercisable to acquire one (1)
additional Share (a "Warrant Share") at a price of
$0.42 per Warrant Share for 36
months. The Warrants will be listed on the TSX under the trading
symbol 'EXRO.WT.A' at market open.
The net proceeds of the Offering are expected to allow Exro to
execute on anticipated double-digit quarter-over-quarter growth in
deliveries of the Company's leading propulsion system technologies
to blue-chip commercial vehicle OEM customers as well as Coil
Driver® innovation programs with major players in the
passenger vehicle segment. The proceeds of the Offering are
anticipated to fund the Company through to cash flow positive in
2025.
The Offering was led by Stifel Nicolaus Canada Inc.
(the "Lead Agent") on their behalf and on behalf
of a syndicate of agents that includes Canaccord Genuity Corp.,
Roth Canada Inc., A.G.P. Canada Investments ULC, ATB Capital
Markets Inc. and National Bank Financial Inc. (collectively with
the Lead Agent, the "Agents"). Additionally, the Company
engaged Centurion One Capital Corp. to act as special advisor.
The securities offered in the Offering have not been, and will
not be, registered under the U.S. Securities Act or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or for the account or
benefit of, United States persons
absent registration or any applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
U.S. state securities laws. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
in the United States, nor shall
there be any sale of these securities in any jurisdiction in which
such offer, solicitation, or sale would be unlawful.
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 the Exro Coil
Driver®, Exro Cell Driver®, and
SEA-Drive®, expand the capabilities of electric motors
and batteries and offer OEMs 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.
Visit us on social media @exrotech.
Cautionary Statement Regarding Forward-Looking Information
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". These
forward-looking statements include, but are not limited to, the
intended use of the net proceeds of the Offering and the
expectation that the net proceeds of the Offering will fund the
Company through to cash flow positive in 2025. Forward looking
statements involve risks, uncertainties and other factors that
could cause actual results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking statements, including, among others: the
state of the financial markets for the Company's securities; recent
market volatility and potentially negative capital raising
conditions resulting from macro-economic trends and inflationary
pressures and risks relating to the extent and duration of such
forces and its impact on global markets; the conflict in
Eastern Europe and the
Middle East; the Company's ability
to raise the necessary capital or to be fully able to implement its
business strategies; other risk factors disclosed under the heading
"Risk Factors" in the amended and restated short form base shelf
prospectus of the Company dated January 15,
2024, most recent annual information form and elsewhere in
the Company's filings with Canadian securities regulators; and
other risks and factors that the Company is unaware of at this
time. 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, 2023, and financial statements and related MD&A for
the financial year ended December 31,
2023, and the six month period ended June 30, 2024, filed with the securities
regulatory authorities in certain provinces of Canada and available at
www.sedarplus.ca.
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 that 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
Canadian Investment Regulatory Organization accepts responsibility
for the adequacy or accuracy of this press release.
SOURCE Exro Technologies Inc.