![]() This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. MZ Group - MZ North 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 For more information, please visit Company Contact: The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets. (NASDAQ:VEV) (TSXV:VMC) ("VMC") is a North American supplier of electric vehicles for both public and commercial enterprise use. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Convertible Debentures in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. registration or an applicable exemption from the U.S. The Convertible Debentures issued pursuant to the Private Placement have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. However, the Company considers such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Convertible Debentures subscribed for by the insiders and the consideration for the Convertible Debentures paid by such insiders, would not exceed 25 percent of the Company's market capitalization. This participation by insiders in the Private Placement constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. In connection with the Private Placement, Vicinity will pay cash commissions to eligible finders in accordance with TSX Venture Exchange policy.Ĭertain insiders of the Company are expected to participate in the Private Placement. The Private Placement is subject to final TSX Venture Exchange approval. ![]() All securities issued under the Private Placement have a hold period of four months and a day from closing. Each Warrant is exercisable into one Common Share of the Company at an exercise price of CAD$1.45 for a period of thirty-six months following the closing of the Private Placement. Upon conversion, each Unit will consist of one common share of the Company ("Common Share") and 0.2 common share purchase warrants (each whole warrant a "Warrant"). Interest payments on the Convertible Debentures have been deferred to the twelve-month anniversary and/or maturity.Įach Convertible Debenture is convertible at the holder's option into units of the Company (the "Units") at any time prior to maturity at a conversion price of CAD$1.45. The Convertible Debentures are issued in denominations of CAD$1,000, bear interest at 15% per annum, and mature 18 months from the closing date. Our plan is now funded, and I look forward to updating investors with further details on our execution strategy on our fourth quarter 2022 earnings conference call in late March." ![]() "This capital injection, paired with our recent credit arrangements with RBC and the near-term start of production at our Ferndale facility, positions us for a breakout year. ![]() "This Private Placement - supported by strategic investors with a lead order from Focus Asset Management - will accelerate production and deliveries, allowing us to monetize our US$150 million order backlog sooner," said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. ![]() The Company anticipates closing the Private Placement (the "Closing") on or about March 24, 2023. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of commitments for a non-brokered private placement of unsecured convertible debentures ("Convertible Debentures") for gross proceeds of CAD$3,600,000 (the "Private Placement"). VANCOUVER, BC / ACCESSWIRE / Ma/ Vicinity Motor Corp. news wire services or dissemination in the United States CAD$3.6 Million Financing Comprised of New Strategic Investors to Support Near-Term Monetization of the Company's US$150 Million Backlog ![]()
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