Thursday, February 06, 2020 6:18:53 PM
ACCESSWIREFebruary 6, 2020, 5:30 PM EST
VANCOUVER, BC / ACCESSWIRE / February 6, 2020 / Exro Technologies Inc. (XRO.CN)(EXROF) (the "Company" or "Exro") is pleased to announce that it has arranged a non-brokered private placement financing for gross proceeds of up to $3,000,000 through the issuance of up to 8,571,428 common shares ("Shares") at a price of $0.35 per Share (the "Offering"). The Offering is expected to close on or before February 20, 2020.
The Company has agreed to pay a finder's fee consisting of 7% cash as well as the issuance of compensation warrants (each 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 $0.42 per common 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.
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