VEV - Vicinity Motor secures C$3.6M in private financing

2023-03-22 07:16:52 ET

• Vicinity Motor ( NASDAQ: VEV ) has secured a C$3.6M convertible debenture financing to accelerate vehicle deliveries.
• The convertible debentures are issued in denominations of C$1,000, bear interest at 15% per annum, and mature 18 months from the closing date. Interest payments have been deferred to the twelve-month anniversary and/or maturity.
• "This private placement - supported by strategic investors with a lead order from Focus Asset Management - will accelerate production and deliveries, allowing us to monetize our US$150 million order backlog sooner," said William Trainer, founder and chief executive officer of Vicinity Motor.
• Trainer adds, "This capital injection, along with our recent credit arrangements with RBC and the near-term start of production at our Ferndale facility, positions us for a breakout year."

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