Extreme Vehicle closes first tranche of financing
2021-04-06 08:29 ET - News Release
Mr. Bryson Goodwin reports
EV BATTERY TECH ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
Further to its news release dated Feb. 18, 2021, Extreme Vehicle Battery Technologies Corp. has closed the first tranche of its non-brokered private placement by issuing an aggregate of 6,296,000 units at a price of 50 cents 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.
About EV Battery Tech
Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The Company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.
We seek Safe Harbor.