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

Vancouver, BC / Accesswire / July 16, 2024 – Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) has entered into a securities purchase agreement with a single U.S. institutional investor. The deal involves the sale of 4,807,692 common shares and an equal number of warrants at a combined price of US$0.52 each. The warrants, issued in a private placement, have an exercise price of US$0.64 per share, are immediately exercisable, and will expire in five years. Gross proceeds are expected to be around US$2.5 million.

The net proceeds will serve working capital and general corporate purposes. Closing is anticipated around July 17, 2024, pending customary conditions. A.G.P./Alliance Global Partners is the sole placement agent for the offering.

The shares are being offered under the Company's Form F-3 shelf registration statement, effective July 5, 2023. Relevant documents will be filed with the SEC and available on its website, as well as on SEDAR+ in Canada.

An amendment has been made to an existing warrant from March 28, 2022, reducing its exercise price to US$0.64 and extending its term to March 28, 2027. The securities in the private placement will be issued under an exemption from registration.