VANCOUVER, B.C. – Exro Technologies Inc. (CSE:XRO; OTCQB: EXROF) (the “Company”) is pleased to announce that it has now completed its non-brokered private placement financing announced on March 22, 2019 and issued a total of 8,180,500 common shares for gross proceeds of $2,045,125.
The Company has paid aggregate cash Finder’s fees of $143,158.75 as well as issued 572,635 Finder’s Warrants. Each Finder’s Warrant is exercisable to acquire one common share for a period of 12 months from the closing at an exercise price of $0.35 per share.
Proceeds raised from the sale of this Offering will be applied to engineering development, transactional costs and to general working capital.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons 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 State in which such offer, solicitation or sale would be unlawful.
About Exro Technologies Inc.
Exro aims to accelerate the global transition to clean energy by improving the performance and lifespan of energy systems using motors, generators and batteries through its Dynamic Power Management (“DPM”) for electric motors and generators and its patented intelligent energy management system (“IEMS”) For more information visit our website at www.exro.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Godsy, Director & CEO
INVESTOR CONTACT INFORMATION: email@example.com
Forward Looking Statements
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “believe”, "may", "would", "could", "will" and similar expressions, as they relate to the Company or its management are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company’s intention to commercialize its product in the near term. 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.
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