GreenPower Closes Fourth Tranche of Term Loan Offering

Core Points - GreenPower Motor Company Inc. has closed the fourth tranche of its secured term loan offering for a total principal amount of U.S. $200,000 [1] - The net proceeds from the loans will be allocated towards production costs, supplier payments, payroll, and working capital [2] - The loans are secured by a general security agreement on the company's assets and will bear an interest rate of 12% per annum for a term of two years [3] - As part of the loan agreement, the company issued 263,157 non-transferable share purchase warrants and 52,631 shares to one of the lenders [4] - The lenders are considered "related parties" under Multilateral Instrument 61-101, but the transactions are exempt from formal valuation and minority approval requirements [5] - All securities issued in connection with the loans will be subject to a statutory hold period of four months plus a day from the closing of the initial loan [6] Company Overview - GreenPower designs, builds, and distributes a range of all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, and cargo vans [7] - The company employs a clean-sheet design approach to manufacture zero-emission vehicles, integrating global suppliers for key components [7] - GreenPower was founded in Vancouver, Canada, and has primary operational facilities in southern California, with a NASDAQ listing since August 2020 [7]