LION ELECTRIC ANNOUNCES FINANCING TRANSACTIONS This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated June 17, 2022 to its short form base shelf prospectus dated June 17, 2022.
- Combined financing transactions representing aggregate gross proceeds of approximately US$142 million provides flexibility to execute growth plans;
- Company to extend the maturity of its senior credit facilities by one year to August, 2025 concurrently with closing;
- Company to cancel its ATM program.
MONTREAL, July 17, 2023 /CNW/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that the Company has entered into subscription agreements with investors contemplating concurrent financing transactions for aggregate gross proceeds to the Company of approximately US$142 million (the "Financing"). The Financing consists of (i) the issuance by way of private placement of 13% senior unsecured convertible debentures for aggregate gross proceeds to the Company of approximately US$74 million (the "Convertible Debentures") to a group of subscribers comprised of Investissement Qubec ("IQ"), Fonds de solidarit des travailleurs du Qubec (F.T.Q.) and Fondaction, (ii) the issuance by way of private placement of 11% senior secured non-convertible debentures for aggregate gross proceeds to the Company of C$90 million (the "Non-Convertible Debentures") to a group of subscribers led by Mach Group and the Mirella & Lino Saputo Foundation, and (iii) the issuance by way of private placement to the holders of Non-Convertible Debentures of a number of common share purchase warrants entitling them to purchase a total of 22,500,000 common shares in the capital of the company ("Common Shares") at an exercise price of C$2.81 per share for the period described below.
LION ELECTRIC ANNOUNCES FINANCING TRANSACTIONS FOR APPROXIMATE AGGREGATE GROSS PROCEEDS OF US$142 MILLION (newswire.ca)