Exro Technologies closes $30 million bought deal financing of subscription receipts

2 minute read
16 February 2024
Client work

Team:

Frank Sur, Andrew Wong, Jason Mullins, Arielle Fewer, Andrew Miles, Paul Brar, Paul Carenza, Malya Amghar, Evan Matthews

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.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.
Related   Energy, Financial Institutions & Services, Capital Markets, Private Equity, Tax

Team

Related Insights & Resources

View all insights Related Insights & Resources
Client work
17 April 2024 Rio2 closes $23 million offering
Client work
07 March 2024 ATHA Energy and Latitude Uranium complete merger
Client work
05 March 2024 AGA Benefit Solutions welcomes investment from TA Associates to support platform growth

Team

Download or print PDF