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Exro Technologies closes $30 million bought deal financing of subscription receipts
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On February 16, 2024, Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) ("Exro") announced the closing of its previously announced bought deal private placement offering of subscription receipts for total gross proceeds of approximately $30 million. The offering was made through a syndicate of underwriters co-led by Canaccord Genuity Corp. and Eight Capital.
The offering was launched and successfully completed in connection with Exro's announcement on January 30, 2024 that it had entered into a merger agreement with SEA Electric Inc. ("SEA") providing for the acquisition of SEA by Exro. The net proceeds of the offering are intended to support the business plan of the combined companies.
Exro is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries.
Gowling WLG advised the underwriters with respect to this financing with a team led by Frank Sur and that included Andrew Wong, Jason Mullins, Arielle Fewer, Andrew Miles and Paul Brar (corporate), and Paul Carenza and Malya Amghar (tax), assisted by student-at-law Evan Matthews.
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