logo-loader
viewExro Technologies

Exro Technologies secures oversized $8 million offering to boost battery management R&D

The company offered 11.4 million units, each containing one common share and one half of a share purchase warrant, at a price of $0.70 per unit

Sprouts growing from stacks of quarters leading to a jar of quarters
Exro's technology improves energy systems by dynamically sensing and adapting varying inputs and matching them to desired outputs, creating performance gains and an extended lifespan

Exro Technologies Inc (CSE:XRO) announced Friday that it has closed an oversized short form prospectus offering worth $8 million, which it plans to use for the research and development of its intelligent battery management system and electric vehicle programs.

The Vancouver company offered 11.4 million units, each containing one common share and one half of a share purchase warrant, at a price of $0.70 per unit. Whole units entitle their holders to purchase an additional common share at a price of $0.90 over the following two years.

The offering was conducted by Gravitas Securities Inc, which exercised its option to increase the original offering size.of $5 million worth of shares.

READ: Exro Technologies plans C$5M offering, closes C$115K private placement to fund R&D

The proceeds are expected to go toward R&D costs pertaining to Exro’s micro, light and commercial electric vehicle programs and its intelligent battery metals system, in addition to marketing, investments and general working capital requirements.

Exro's technology improves energy systems by dynamically sensing and adapting varying inputs and matching them to desired outputs, creating performance gains and an extended lifespan.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Exro Technologies

Price: 0.92 CAD

CSE:XRO
Market: CSE
Market Cap: $76.25 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Exro Technologies named herein, including the promotion by the Company of Exro Technologies in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Exro Technologies signs deal with Clean Seed to improve...

Exro Technologies (CSE; XRO- OTCQB: EXROF) Chief Commercial Officer Josh Sobil joined Steve Darling from Proactive Vancouver to discuss the news the company has signed a deal with Clean Seed Technology to help with the horsepower and torque of their Smart Seeder. Sobil discusses how they plan...

on 21/5/20

2 min read