Exro Technologies closes $9.8 million financing

On September 1, 2022, Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) ("Exro"), a leading clean technology company that has developed industry disruptive next generation power electronics that expands the capabilities of electric motors and batteries, announced that it had closed its previously announced brokered public offering. Pursuant to the offering, Exro sold 7,920,000 units for aggregate gross proceeds of $8,316,000. 

The offering was completed pursuant to an agency agreement among Exro and National Bank Financial Inc. as lead agent and sole book-runner, and Stifel GMP, ATB Capital Markets Inc. and Eight Capital. The units were offered by way of a prospectus supplement dated August 25, 2022 to Exro's base shelf prospectus dated December 16, 2021, which prospectus supplement was filed with the securities regulators in each of the provinces of Canada, other than Québec. 
 
Subsequently, on September 20, 2022, Exro announced that it had closed its previously announced non-brokered private placement of 1,403,756 units for aggregate gross proceeds of $1,473,945.
 
Gowling WLG advised National Bank Financial on the negotiations on the agency agreement and various offering documents in connection with the financing with a team that included Frank Sur and Jason Mullins.