Exro Technologies Inc (CSE:XRO) announced Friday that it has closed an oversized short form prospectus offering worth $8 million, which it plans to use for the research and development of its intelligent battery management system and electric vehicle programs.
The Vancouver company offered 11.4 million units, each containing one common share and one half of a share purchase warrant, at a price of $0.70 per unit. Whole units entitle their holders to purchase an additional common share at a price of $0.90 over the following two years.
The offering was conducted by Gravitas Securities Inc, which exercised its option to increase the original offering size.of $5 million worth of shares.
The proceeds are expected to go toward R&D costs pertaining to Exro’s micro, light and commercial electric vehicle programs and its intelligent battery metals system, in addition to marketing, investments and general working capital requirements.
Exro’s technology improves energy systems by dynamically sensing and adapting varying inputs and matching them to desired outputs, creating performance gains and an extended lifespan.
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Published at Fri, 10 Jul 2020 16:26:00 +0000-Exro Technologies secures oversized $8 million offering to boost battery management R&D