Vicinity Motor Corp. Announces Closing of the US$2.5 Million Registered Direct Offering

VANCOUVER, BC / ACCESSWIRE / July 17, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) has announced the closing of a US$2.5 million financing. The offering involved 4,807,692 common shares and warrants to purchase up to an equal number of shares at a combined price of US$0.52 each. The warrants have an exercise price of US$0.64 and expire five years from issuance.

The gross proceeds, before deducting placement agent fees and expenses, are approximately US$2.5 million. The net proceeds will be used for working capital and general corporate purposes.

A.G.P./Alliance Global Partners acted as the sole placement agent, earning a 6% cash commission on the gross proceeds and receiving 240,385 non-transferable warrants.

The common shares were issued under an effective Form F-3 registration statement filed with the SEC. A concurrent private placement of the warrants was conducted under Section 4(a)(2) of the Securities Act and/or Regulation D.