VANCOUVER, BC--(Marketwired - December 19, 2016) - GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower" or the "Company"), announces that since October 1, 2016, the Company has received proceeds of over $2.1 Million (including $1 Million from the Directors and Employees of GreenPower) as a result of the exercise of 4,523,318 previously issued common share purchase warrants and stock options. The Company intends to use the proceeds for the production of all-electric buses and general working capital purposes.
The warrants were issued in connection with the Company's private placement of debentures and share units in December 2015. Since October 1, 2016 a total of 3,928,318 warrants were exercised at a price of $0.50 per share.
"This infusion of capital shows the confidence that our directors, employees and shareholders have in the direction of GreenPower. It's important to note that the term of the warrants was three years to December 2018 and yet the majority were exercised within the first year," said Fraser Atkinson, Chairman of GreenPower. "The proceeds will help the Company to take advantage of opportunities across a number of market sectors."
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 integrates global suppliers for key components 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
This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. 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. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower's control, such as the regulations and requirements in different jurisdictions. A number of important factors including those set forth in other public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower 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.
© 2016 GreenPower Motor Company Inc. All rights reserved.