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Exro Technologies Inc. (formerly BioDE Ventures Ltd.) (the “Company”) (CSE: XRO) announces that it closed the private placement (the “Private Placement”) disclosed in the news release on August 17, 2017.
Pursuant to the Private Placement, the Company has issued 3,000,000 common shares (the "Common Shares") at a price of $0.20 per Common Share for gross proceeds of CDN$600,000 (the "Proceeds"). The Proceeds will be used for general working capital and capital reserve. The Common Shares issued pursuant to the Private Placement are subject to a hold period expiring four months plus one day following the date of issuance.
The Company paid finders fees of $39,326 and issued 196,630 brokers warrants related to the Private Placement. Each brokers’ warrant entitles the holder to purchase one Common Share at $0.20 for a period of two years from the issuance date. The brokers’ warrants are subject to a hold period expiring four months plus one day following the date of issuance.
The Company also announces the granting of incentive stock options to its founder totaling 300,000 common shares. The options have a term of 5 years and an exercise price of $0.26 per share. The options are governed by the Company’s Stock Option Plan.
About Exro Technologies Inc.
Exro Technologies Inc. is a Vancouver-based company commercializing patented technology designed to advance existing rotating electric machines. The technology enables motor and generator systems to operate more efficiently providing benefit to sustainable and renewable electricity generation markets, as well as variable load industrial and commercial applications for motors. Please visit our website at www.exro.com .
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. Such statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not assume any obligation to update these forward-looking statements, except as required by law.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Godsy, Director & CEO
Lyle McLennan: 604 808 9221