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Exro Technologies arranges $3M non-brokered private placement

The clean-motor manufacturer is issuing up to 8,571,428 common shares at a price of $0.35 each

Exro Technologies - Exro Technologies Inc arranges non-brokered private placement financing for gross proceeds of up to $3 million
Net proceeds will be used to fund the development of current and new technology programs, including the buildout of Exo's new Calgary Innovation Centre

Exro Technologies Inc (CSE:XRO) (OTCMKTS:EXROF) said Friday it has arranged a non-brokered private placement for gross proceeds of up to $3 million. 

In a statement, the Vancouver-based clean-motor manufacturer said it has issued up to 8,571,428 common shares at a price of $0.35 each. The offering is expected to close on or before February 20. 

Exro has agreed to pay a finder's fee consisting of 7% cash as well as the issuance of compensation warrants equal to 7% of the number of shares issued to investors introduced to the company by the finder. Each Compensation Warrant is exercisable to acquire one common share for a period of 12 months from the closing at an exercise price of $0.42 per common share. 

READ: Exro Technologies enters multibillion-dollar snowmobile sector via agreement with leading Finnish manufacturer

The shares will be subject to a four-month hold period from the date of issuance, pursuant to the relevant prospectus or registration exemptions in accordance with applicable laws.

Exro said the net proceeds will be used to fund the development of its current and new technology programs, the buildout of its new Calgary Innovation Centre, working capital and general corporate purposes. 

The company, however, may at its discretion increase the size of the offering up to $4 million to accommodate oversubscriptions.

Exro's technology improves energy systems by dynamically sensing and adapting varying inputs and matching them to desired outputs, creating performance gains and an extended lifespan.

The company’s patented technology is used in electric vehicles, unmanned aerial vehicles (UAVs) and ship drives.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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