GreenPower Announces Private Placement Oversubscribed, Increased to $3,000,000

GreenPower Announces Private Placement Oversubscribed

GreenPower Motor Company Inc. announces that, due to significant interest, it has increased the size of its previously announced non-brokered private placement (the “Offering”) of convertible debentures (the “Debentures”) and units (the “Share Units”) from $2,500,000 to $3,000,000.

The Company has filed with the TSX Venture Exchange for conditional acceptance to issue $777,000 of Debentures and $1,716,325 of Share Units.

The increase in the size of the Offering will consist of Share Units, which have the following terms:

the Share Units will be issued at a price of $0.35 per Share Unit; and each Share Unit will consist of one common share in the capital of the Company (each, a “Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Unit Warrant”), with each Unit Warrant exercisable into one Share at an exercise price of $0.50 per Share in the first year after issuance, $0.75 per Share in the second year after issuance and $1.00 per Share in the third year after issuance, subject to adjustment.

For further details of the Offering, including details of the terms of the Debentures and the securities issued in connection therewith, please refer to the Company’s press release dated November 5, 2015.

“It is very encouraging to see this level of interest in the Offering, a testament to the strength of the Company’s management team, suite of products and market acceptance. We are grateful to have the support of numerous key investors, both new and existing, as we continue to build the business,” commented Company Chairman, Fraser Atkinson.

The net proceeds from the Offering will be primarily used for production of electric buses, as well as testing, sales and marketing, and general working capital.

Closing of the Offering remains subject to final acceptance of the TSX Venture Exchange. The Company may pay finder’s fees in connection with the Offering. All securities issued in connection with the Offering, including the Debentures, the Share Units, the Unit Warrants and the Shares issuable on conversion thereof, will be subject to a statutory hold period expiring on the date that is four months and one day after closing of the Offering. Any participation by insiders in the Offering would be a related party transaction under Multilateral Instrument 61 – 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) but will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States 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 jurisdiction in which such offer, solicitation or sale would be unlawful.

About GreenPower Motor Company Inc.Greenpowerbus

GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower’s bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower sources and integrates key vehicle components from global suppliers, such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to

  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with Mass Transit Professionals Worldwide

Create your account

Go To Registration

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on Mass Transit Networkmanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our eNewsletter
Add news yourself


There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login