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  • Vicinity Motor Corp (VMC) has closed its non-brokered financing of unsecured debenture units for net proceeds of $10,300,000
  • Each unit was priced at $985.00 and consists of one 8 per cent unsecured debenture and 40 common share purchase warrants
  • The debentures will be convertible into common shares at a price equal to the market price on the date of the conversion
  • Vicinity Motor (VMC) is a leading supplier of electric, CNG and clean-diesel vehicles for both public and commercial enterprise use in the U.S and Canada
  • Vicinity Motor Corp. (VMC) is down 8.73 per cent, trading at C$6.80 per share at 4:30 pm ET

Vicinity Motor Corp (VMC) has closed its non-brokered financing of unsecured debenture units for net proceeds of $10,300,000.

Each unit was priced at $985.00 and consists of one 8 per cent unsecured debenture and 40 common share purchase warrants. Each warrant will entitle the holder to purchase one common share at a price of $7.50 at any time up to 12 months following the closing date of the offering.

The debentures will be convertible into common shares at a price equal to the market price on the date of the conversion. Holders converting their debentures will receive accrued and unpaid interest thereon to the date of actual conversion.

The company will have the right at any time, upon 10 days’ notice, to prepay the debentures to the holders. The repayment shall be in cash plus accrued and unpaid interest.

The debentures, warrants and common shares issuable upon the exercise of the warrants or conversion of the debentures will be subject to a statutory resale restriction expiring on February 5, 2022. The company received exchange approval to close the offering and issue the debentures and warrants.

Vicinity Motor (VMC) is a leading supplier of electric, CNG and clean-diesel vehicles for both public and commercial enterprise use in the U.S and Canada. 

Vicinity Motor Corp. (VMC) is down 8.73 per cent, trading at C$6.80 per share at 4:30 pm ET.

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