Exro Technologies Inc. (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 successfully completed a bought deal financing, raising gross proceeds of $30.4 million. The company has entered into an agreement with a syndicate of Canadian underwriters, pursuant to which the underwriters have agreed to purchase 13,500,000 common shares at a price of C$2.25 per Common Share.
The Offering is scheduled to close on or about May 23, 2023, subject to regulatory and other approvals. The Common Shares will be issued by way of a prospectus supplement that will be filed in all provinces of Canada, other than Quebec, under the Company’s base shelf prospectus dated May 8, 2023.
Use of Proceeds
Exro Technologies intends to use the net proceeds from the Offering to meet the capital expenditure and working capital obligations associated with certain strategic partnership and collaboration agreements, and for general working capital purposes. The company’s innovative technology helps to optimize electric motors and batteries, improving efficiency and performance, and reducing environmental impact.
Option for Additional Common Shares
The company has granted the underwriters an option to purchase up to an additional 2,025,000 common shares at a price of $2.25 per share for additional gross proceeds of up to C$4,556,250. The Over-Allotment Option is exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing date, to cover over-allotments, if any, and for market stabilization purposes.
The offering is subject to certain conditions, including the approval of the Toronto Stock Exchange and the securities regulatory authorities.
Exro Technologies at the Forefront of Clean Technology
Exro Technologies is a leading clean-technology company that develops new generation power-control electronics that expand the capabilities of electric motors and batteries. The company’s innovative technology helps to optimize electric motors and batteries, improving efficiency and performance, and reducing environmental impact. Exro Technologies is dedicated to advancing clean technology development, helping to build a sustainable future for generations to come.
Positive Impact on the Clean Energy Industry
The completion of the bought deal financing is a significant milestone for Exro Technologies, providing the company with the necessary resources to advance its clean technology development and expand its reach in the market. The funds will be used to meet capital expenditure and working capital obligations, enabling the company to continue to build strategic partnerships and collaborations that will help to drive innovation in the clean energy industry.
Exro Technologies is committed to making a positive impact on the environment and contributing to the development of sustainable energy solutions. The company’s innovative technology is helping to transform the clean energy industry, creating new opportunities for growth and driving progress towards a more sustainable future.
Conclusion
Exro Technologies has successfully completed a bought deal financing, raising gross proceeds of $30.4 million to support its clean technology development. The company’s innovative technology helps to optimize electric motors and batteries, improving efficiency and performance, and reducing environmental impact. With the funds raised, Exro Technologies will be able to meet capital expenditure and working capital obligations, advance strategic partnerships and collaborations, and continue to drive innovation in the clean energy industry. The company is at the forefront of clean technology development, committed to building a sustainable future for generations to come.
Julia Brown is a Master’s in Business Administration by education. After completing her post-graduation, Julia jumped the journalism bandwagon as a freelance journalist. Soon after that she landed a job of reporter and has been climbing the news industry ladder ever since to reach the post of editor. Julia holds keen interest in technology and writes tirelessly on how technology innovation is affecting life and whole world. She has extensive knowledge in technology news writing.
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