EXRO ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
For Immediate Release October 22, 2019
EXRO ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
VANCOUVER, B.C. – Exro Technologies Inc. (CSE:XRO; OTCQB: EXROF) (the “Company”) is pleased to announce that, further to its news release dated October 18, 2019, it has completed the first tranche of a non-brokered private placement financing and raised $1,404,705 through the issuance of 5,202,610 common shares (“Shares”) at a price of $0.27 per Share (the “Offering”). The Company has paid Finder’s fee consisting of 7% cash as well as the issuance of a Compensation Warrant 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 $0.40 per share. The Shares will be subject to a four month hold period from the date of issuance, pursuant to relevant prospectus or registration exemptions in accordance with applicable laws.
The net proceeds raised from the sale of this Offering will be used by the Company to fund development of the Company’s current and new technology programs, working capital and general corporate purposes.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
