CALGARY, AB, Feb. 1, 2022 /CNW/ - Exro Technologies Inc. (TSX:
EXRO) (OTCQB: EXROF) (the "Company" or "Exro"), a leading
clean technology company that has developed a new class of power
electronics for electric motors and batteries, announced today that
further to its press releases issued on January 26, 2022, and January 27, 2022, the Company has entered into a
further amended underwriting agreement respecting its $17.5 million bought deal financing.
Formerly, the underwriters in the financing were to receive
broker's compensation warrants equal to 6% of the number of units
sold in the financing, exercisable at the $1.60 offering price to buy units consisting of
one common share and one half of a share purchase warrant, with
each whole warrant exercisable for an additional common share at a
price of $2.00 for 36 months
following closing. Under the amended underwriting agreement, the
broker's compensation warrants are each exercisable for one common
share at a price of $1.60 per common
share, and do not entitle the underwriters to receive any
underlying share purchase warrants.
An amended and restated underwriting and prospectus supplement
have been filed under the Company's profile at www.sedar.com
incorporating reflecting this amendment to the underwriters'
compensation.
About Exro Technologies Inc.
Exro is a clean technology company pioneering intelligent
control solutions in power electronics to help solve the most
challenging problems in electrification. Exro has developed a new
class of control technology that expands the capabilities of
electric motors, generators, and batteries. Exro enables the
application to achieve more with less energy consumed.
Exro's advanced motor control technology, the Coil Driver™,
expands the capabilities of electric powertrains by enabling
intelligent optimization for efficient energy consumption. Exro is
working with many partners from all over the world to bring their
technology to the electric mobility industries and beyond.
For more information visit our website at www.exro.com.
Visit us on social media @exrotech.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
STATEMENTS
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects", "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "will be
taken", "occur" or "be achieved". Forward looking statements
involve risks, uncertainties and other factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's filings with
Canadian securities regulators, that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although the Company believes that the assumptions and factors used
in preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
This information is qualified in its entirety by cautionary
statements and risk factor disclosure contained in filings made by
the Company with the Canadian securities regulators, including the
Company's annual information form for the financial year ended
December 31, 2020, and financial
statements and related MD&A for the financial year ended
December 31, 2020, filed with the
securities regulatory authorities in certain provinces of
Canada and available at
www.sedar.com. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted
to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended. The
Company does not intend, and does not assume any obligation, to
update this forward-looking information except as otherwise
required by applicable law.
Neither the Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this press
release.
SOURCE Exro Technologies Inc.