CALGARY,
AB, Dec. 20, 2024 /PRNewswire/ - Exro
Technologies Inc. (TSX: EXRO) (OTCQB: EXROF), a leading
clean-technology company that provides new-generation power control
electronics that expand the capabilities of electric motors and
batteries, is pleased to provide an update on the settlement of
interest payments through the issuance of common shares.
Pursuant to the terms of the C$15,000,000 secured convertible debentures of
the Company issued on December 30,
2022 (the "Debentures"), bearing interest at 12% per annum,
payable semi-annually in arrears beginning on June 30, 2023 (the "Due Date"). As of
December 20, 2024 the Company has
14,950 debenture units outstanding, and an aggregate amount of
interest owing on the Debentures payable of C$897,000 (the "Interest"). The Company has
elected to issue 6,407,141 common shares in the capital of the
Company ("Common Shares") at a deemed price of $0.14 to the debenture holders as payment for the
interest. Pursuant to the Debentures, the deemed issue price per
Common Share is calculated based on the volume weighted average
trading price of the Common Shares for the five trading days
immediately prior to December 20,
2024.
The issuance of the Common Shares as payment for interest owing
on the Debentures is subject to the terms and conditions of the
Debentures as well as the receipt of all requisite approvals,
including, without limitation, the approval of the Toronto Stock
Exchange.
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 Coil Driver™, 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, please visit www.exro.com.
To view our Investor Presentation, visit us at
www.exro.com/investors.
Follow us on social media @Exrotech.
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SOURCE Exro Technologies Inc.
