Vicinity Motor Corp V.VMC

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Vicinity Motor Corp. Announces US$12 Million Registered Direct Offering

AccessWire - Thu Mar 24, 7:31AM CDT

 

VANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Vicinity Motor Corp. (TSXV:VMC) (NASDAQ:VEV) (FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced it has entered into definitive agreements with new and existing institutional and accredited investors for the purchase and sale of 4,444,445 common shares and warrants to purchase up to 4,444,445 common shares (together, a "Unit") at a combined purchase price of US$2.70 per Unit in a registered direct offering for gross proceeds of approximately US$12 million, before deducting placement agent fees and expenses. The warrants will be exercisable 6 months from the closing of the offering (the "Initial Exercise Date") at an exercise price of US$3.36 per common share and will expire three (3) years from the Initial Exercise Date. The closing of the offering is expected to occur on or about March 28, 2022, subject to the satisfaction of customary closing conditions.

Vicinity Motor Corp. intends to use the proceeds for completion of the Ferndale, Washington manufacturing facility.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The offering is being made in the United States only under the Company's amended and restated short form base shelf prospectus dated April 19, 2021 (the "Base Shelf Prospectus"), filed with the securities regulatory authorities in Canada, and included in the corresponding registration statement on Form F-10 (the "Registration Statement") filed by the Company with the U.S. Securities and Exchange Commission ("SEC") under the U.S./Canada Multijurisdictional Disclosure System ("MJDS"). The Company will file a prospectus supplement (the "Supplement") to the Base Shelf Prospectus with the applicable securities regulatory authorities in Canada. The Supplement will also be filed with the SEC as a prospectus supplement to the Base Shelf Prospectus included in the Registration Statement. Copies of the Supplement, including the Base Shelf Prospectus, will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.