SOURCE: GreenPower Motor Company Inc.

GreenPower Motor Company Inc.

December 08, 2015 09:15 ET

GreenPower Announces Private Placement Oversubscribed, Increased to $3,000,000

VANCOUVER, BC--(Marketwired - December 08, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower" or the "Company") announces that, due to significant interest, it has increased the size of its previously announced non-brokered private placement (the "Offering") of convertible debentures (the "Debentures") and units (the "Share Units") from $2,500,000 to $3,000,000.

The Company has filed with the TSX Venture Exchange for conditional acceptance to issue $777,000 of Debentures and $1,716,325 of Share Units.

The increase in the size of the Offering will consist of Share Units, which have the following terms:

  • the Share Units will be issued at a price of $0.35 per Share Unit; and
  • each Share Unit will consist of one common share in the capital of the Company (each, a "Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Unit Warrant"), with each Unit Warrant exercisable into one Share at an exercise price of $0.50 per Share in the first year after issuance, $0.75 per Share in the second year after issuance and $1.00 per Share in the third year after issuance, subject to adjustment.

For further details of the Offering, including details of the terms of the Debentures and the securities issued in connection therewith, please refer to the Company's press release dated November 5, 2015.

"It is very encouraging to see this level of interest in the Offering, a testament to the strength of the Company's management team, suite of products and market acceptance. We are grateful to have the support of numerous key investors, both new and existing, as we continue to build the business," commented Company Chairman, Fraser Atkinson.

The net proceeds from the Offering will be primarily used for production of electric buses, as well as testing, sales and marketing, and general working capital.

Closing of the Offering remains subject to final acceptance of the TSX Venture Exchange. The Company may pay finder's fees in connection with the Offering. All securities issued in connection with the Offering, including the Debentures, the Share Units, the Unit Warrants and the Shares issuable on conversion thereof, will be subject to a statutory hold period expiring on the date that is four months and one day after closing of the Offering. Any participation by insiders in the Offering would be a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101") but will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About GreenPower Motor Company Inc.

GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower's bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower sources and integrates key vehicle components from global suppliers, such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com

Disclaimer for Forward-Looking Information

Certain statements in this press release related to the Offering and the securities issuable thereunder are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the proceeds to be raised pursuant to the Offering, resale restrictions relating to the securities to be issued, the use of proceeds of Offering and receipt of the approval of the TSX Venture Exchange. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company's ability to complete the Offering, including the risk that the Offering may not be completed as expected or at all, that the proceeds of the Offering may be used other than as set out in this news release, that the TSX Venture Exchange may not approve the Offering and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

© 2015 GreenPower Motor Company Inc. All rights reserved.

Contact Information

  • For further information contact:
    Fraser Atkinson
    Chairman
    (604) 220-8048