GreenPower raises $2.1M from warrants, options
2016-12-19 10:46 ET - News Release
Mr. Fraser Atkinson reports
GREENPOWER ANNOUNCES PROCEEDS OF $2.1 MILLION FROM EXERCISE OF WARRANTS AND OPTIONS SINCE OCTOBER 1, 2016
Since Oct. 1, 2016, GreenPower Motor Company Inc. 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 Oct. 1, 2016, a total of 3,928,318 warrants were exercised at a price of 50 cents 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
GreenPower Motor Company 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.
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