2021Gamble wrote: couver, B.C. April 6, 2021 – Extreme Vehicle Battery Technologies Corp. (“EV Battery Tech” or the “Company”)(CSE: ACDC) is pleased to announce, further to its news release dated February 18, 2021, that it has closed the first tranche (the “First Tranche”) of its non-brokered private placement by issuing an aggregate of 6,296,000 units (each a “Unit”) at a price of $0.50 per Unit for gross proceeds of $3,148,000. The private placement is part of a larger offering of up to 10,000,000 Units (the “Offering”).
Each Unit consists of one (1) common share (a “Common Share”) of the Company and one (1) common share
purchase warrant (a “Warrant”). Each Warrant is exercisable into one (1) Common Share at an exercise price of
$1.00 for a period of three years from the issuance date, subject to acceleration, at the Company’s discretion, in the event that the Common Shares trade at a price on the Canadian Securities Exchange of greater than $1.50 for a period of three consecutive trading days. All securities issued in connection with the First Tranche are subject to a four-month-and-one-day hold period under applicable securities laws.
The Company intends to use the proceeds from the First Tranche towards product development, research and
development, marketing and for general working capital.