Exro Technologies Inc (CVE:EXRO) (OCTQB:EXROF) on Monday closed a marketed public offering that raised nearly C$42 million.
The net proceeds will be used to further research and development of the company's intelligent battery management system, micro, light and commercial electric vehicle (EV) programs, marketing, capital investments, and general working capital requirements.
The Vancouver-based company said it issued 12,915,384 shares at $3.25 each, which includes an over-allotment sales of an additional 1,684,615 shares.
READ: Exro Technologies announces opening of Calgary Innovation Center
The offering was conducted on a "best efforts" agency basis by a syndicate of agents led by Raymond James Ltd and Gravitas Securities Inc, as co-lead agents and bookrunners, and Eight Capital and Haywood Securities Inc.
The company paid the agents a cash commission equal to 6.5% of the gross proceeds, issued 839,500 non-transferable warrants to the agents equal to 6.5% of the number of shares issued under the offering, and issued 645,769 shares to the lead agents as a corporate finance fee equal to 5% of the number of shares offered. Each broker warrant entitles the holder thereof to acquire one at $3.25 for 24 months.
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