Spartan Capital will receive underwriting commissions equal to 7% of the gross proceeds raised in the Offering, which will be equal to approximately US$1.19 million.
VICINITY MOTORS LICENSE
Vicinity Motor intends to use the net proceeds from the Offering for the US$12 million portion of the license fee payable to Optimal-EV, with the remaining net proceeds to be used for general corporate purposes, including new product development and certifications, new product demonstration models, expansion of production capacity and general working capital. The Warrants will be exercisable immediately upon issuance (the "Issuance Date") and will expire three years from the Issuance Date. Each Warrant will entitle the holder to purchase one Common Share (a "Warrant Share") at an exercise price of US$5.10, subject to adjustment in certain circumstances. Revere Securities LLC is the exclusive selling group member for the Offering.Įach Unit consists of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Spartan Capital Securities, LLC ("Spartan Capital") is acting as sole book-running manager for the Offering.
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(TSXV:VMC) (NASDAQ:VEV) (FRA:6LGA) ("Vicinity Motor" or the "Company"), a leading North American supplier of commercial electric vehicles, today announced an underwritten public offering (the "Offering") of 3,990,610 units of the Company (the "Units") at a price of US$4.26 per Unit for gross proceeds to the Company of approximately US$17 million. VANCOUVER, BC / ACCESSWIRE / Octo/ Vicinity Motor Corp.