EXRO...... Shares to pay Interest on Debt .... Okay ; ) Exro to issue 1.79 million shares as interest payment
2024-06-24 17:15 ET - News Release
Mr. Jeff O'Dowd reports
EXRO ANNOUNCES INTEREST PAYMENT ON CONVERTIBLE DEBENTURES
Exro Technologies Inc. has released interest payment details in relation to the company's outstanding convertible debentures.
Pursuant to the terms of the company's $15-million debentures issued on Dec. 30, 2022, the debentures bear interest at 12 per cent per annum, payable semi-annually in arrears beginning on June 30, 2023. As of June 24, 2023, the company has 14,950 debenture units outstanding, and an aggregate amount of interest owing on the debentures payable of $897,000 (the interest). The company has elected to issue 1,794,000 common shares in the capital of the company at a deemed price of 50 cents to the debenture holders as payment for the interest. Pursuant to the debentures, the deemed issue price per common share is calculated based on the volume weighted average trading price of the common shares for the five trading days immediately prior to June 24, 2024.
The issuance of the common shares as payment for interest owing on the debentures is subject to the terms and conditions of the debentures as well as the receipt of all requisite approvals, including, without limitation, the approval of the Toronto Stock Exchange.
About Exro Technologies Inc.
Exro Technologies, expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver, Cell Driver and SEA-Drive expands the capabilities of electric motors and batteries, and offers OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro Technologies is reshaping global energy consumption, accelerating adoption toward a circular electrified economy by delivering more with less -- minimum energy for maximum results.
We seek Safe Harbor.
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