The Offering is expected to close on or about October 25, 2021, subject to the satisfaction of customary closing conditions. Spartan Capital will receive underwriting commissions equal to 7% of the gross proceeds raised in the Offering, which will be equal to approximately US$1.19 million.
VICINITY MOTORS STOCK LICENSE
Vicinity Motor intends to use the net proceeds from the Offering for the US$12 million portion of the license fee payable to Optimal-EV, with the remaining net proceeds to be used for general corporate purposes, including new product development and certifications, new product demonstration models, expansion of production capacity and general working capital. The Warrants will be exercisable immediately upon issuance (the "Issuance Date") and will expire three years from the Issuance Date. Each Warrant will entitle the holder to purchase one Common Share (a "Warrant Share") at an exercise price of US$5.10, subject to adjustment in certain circumstances. Revere Securities LLC is the exclusive selling group member for the Offering.Įach Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Spartan Capital Securities, LLC ("Spartan Capital") is acting as sole book-running manager for the Offering. (TSXV:VMC) (NASDAQ:VEV) (FRA:6LGA) ("Vicinity Motor" or the "Company"), a leading North American supplier of commercial electric vehicles, today announced an underwritten public offering (the "Offering") of 3,990,610 units of the Company (the "Units") at a price of US$4.26 per Unit for gross proceeds to the Company of approximately US$17 million. This is facilitated by ongoing efforts to supply safe and long lasting Lithium-ion batteries.VANCOUVER, BC / ACCESSWIRE / Octo/ Vicinity Motor Corp.
The partnering company is a leader in the global energy transformation with a particular focus on contributing to the prevention of climate change. The agreement is for the supply of battery systems for the company’s line of Vicinity Lightning EV buses and fully electric VMC 1200 Class 3 trucks. October 13 th 2021 saw VEV stock announce the formation of a strategic supply agreement with Electrovaya. The offering is expected to close on or around October 25 th 2021. The funds will also be used for new product demonstration models, the expansion of production capacity, as well as general working capital. The ramining net proceeds will be put towards general corporate purposes, which will include new product development and certifications. VEV stock plans to allocate the net proceeds generated from the offering towards the USD$123 million portion of the license fee payable to Optimal-EV.
These warrants will expire three years from the Issuance Date. This price is subject to adjustment in certain circumstances, with the warrants being exercisable immediately upon issuance. Holders of each warrant will be entitled to purchase one common share at an exercise price of USD$5.10. Each unit will consist of one common share of the company, as well as one half of one common share purchase warrant. Gross proceeds expected to be generated by the undertaking of the public offering are USD$17 million. The company is selling 3,990,610 units of the company as a part of the offering, with each unit being priced at USD$4.26. October 21 st 2021 saw VEV stock announce its underwritten public offering of shares of its common stock, as well as warrants for common shares.
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