More News :>) Vicinity Motor Corp. Receives $7.5 Million in Proceeds from Accelerated Warrant Exercises
Capital Structure Cleanup Complete; Zero Warrants Remain Outstanding
VANCOUVER, BC – June 23, 2021 – Vicinity Motor Corp. (TSXV:VMC) (OTCQX:BUSXF) (FRA:6LG) ("Vicinity Motor”, “VMC” or the "Company") (Formerly Grande West Transportation Group), a leading supplier of electric, CNG, gas and clean diesel vehicles, today announced the receipt of $7.5 million through the exercise of 1,924,726 warrants since the beginning of the first quarter of 2021.
The majority of the warrants exercised were since the date that Vicinity initiated the acceleration provision of its outstanding warrants issued in connection with its October 2020 private placement. As of the date of this press release, zero warrants remain outstanding in Vicinity.
“We are pleased to have received $7.5 million in proceeds from these warrant exercises, further fortifying our balance sheet,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “This stands as a testament to the value our shareholders see in our future prospects, and we would like to thank them for their ongoing support. We look forward to continued operational execution in the months ahead as we march towards a near-term targeted Nasdaq uplisting.”