Exro announces interest payment on convertible debentures

CALGARY, AB, June 24, 2024 /PRNewswire/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Business” Or “Exro“), a leading clean technology company providing proprietary motor control and complete electric propulsion system technology for electric mobility, today announced interest payment details relating to outstanding convertible debentures of the Company (the “Debentures”).

In accordance with the terms of the Company’s contract CAN$15,000,000 Debentures issued on December 30, 2022the debentures bear interest at the rate of 12% per annum, payable semi-annually in arrears from June 30, 2023 (the due date”). June 24, 2023the Company has 14,950 units of debentures outstanding and a total amount of interest due on the debentures payable of CA$897,000 (interest”). The Company has elected to issue 1,794,000 ordinary shares in the capital of the Company (“Ordinary Shares”) at the deemed price of $0.50 to debenture holders in payment of interest. Under the terms of the Debentures, the deemed issue price per Common Share is calculated based on the volume weighted average price of the Common Shares for the five trading days immediately preceding June 24, 2024.

The issuance of the Common Shares in payment of interest due on the Debentures is subject to the terms of the Debentures and the receipt of all required approvals, including, without limitation, the approval of the Toronto Stock Exchange .

ABOUT EXRO TECHNOLOGIES INC.

Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed next-generation power control electronics. Its innovative suite of solutions, including Coil Driver™ motor control, Cell Driver™ energy storage system and SEA-Drive® propulsion system, extends the capabilities of electric motors and batteries and provides users with a solution complete e-propulsion system with unrivaled performance and efficiency. . Exro is reshaping global energy consumption, accelerating the adoption of an electrified circular economy by delivering more with less – minimum energy for maximum results.

For more information, visit our website at www.exro.com.

To view our corporate presentation, visit us at www.exro.com/investors

Visit us on social media @exrotech.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations thereof. of these words, or statements that certain actions, events or results “may”, “could”, “would”, “could”, “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 authorities, which could cause actual results, Actual performance, prospects and opportunities differ materially from those expressed or implied by these forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based on information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated in such forward-looking statements. declarations. Readers are therefore cautioned not to place undue reliance on these statements, which speak only as of the date of this press release, and no assurance can be given whether such events will occur within the disclosed time frames or not. at all. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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This information is presented in its entirety subject to the cautionary and risk factor disclosures contained in the Company’s filings with Canadian securities authorities, including the Company’s annual information form for the exercise completed. December 31, 2022and the financial statements and related management’s discussion and analysis for the year ended December 31, 2022filed with the securities authorities of certain provinces of Canada and available at www.sedar.com. If one or more of these risks or uncertainties materialize, or if assumptions underlying the forward-looking information prove incorrect, actual results could differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that 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 assumes no obligation, to update any forward-looking information except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Securities and Exchange Regulator Canada accepts responsibility for the adequacy or accuracy of this press release.

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SOURCEExro Technologies Inc.