Exro Technologies Inc (CSE:XRO) announced Wednesday that it has filed a prospectus for an offering of units worth C$5 million, which it plans to use for the research and development of its intelligent battery management system and electric vehicle programs.
The company plans to offer units, each containing one common share and one-half a share purchase warrant, at a price of C$0.70 per unit. Whole warrants entitle their holders to purchase another common share at a price of C$0.90 for two years following the offering.
The offering will be conducted by Gravitas Securities Inc, which Exro said has been given the option to increase the offering size by 15% at any time up to 30 days following the offering.
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Additionally, Exro said it completed a non-brokered private placement worth C$115,000, issuing 287,500 shares at a price of C$0.40 per share.
The proceeds are expected to go toward R&D costs pertaining to Exro’s micro, light and commercial electric vehicle programs and its intelligent battery metals system, in addition to marketing, investments and general working capital requirements.
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.
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