Exro Technologies (CSE: XRO) (OTCQB: EXROF) on Thursday announced that, further to its February 6 and 14, 2020, news releases, it has closed the second and final tranche of its oversubscribed non-brokered private placement financing. According to the update, Exro raised $4,299,590 through the issuance of 12,284,545 common shares, each at a price of $0.35. In the second tranche, 2,253,897 shares were issued for gross proceeds of $788,864. The company intends to use net proceeds raised from the sale of the offering to fund development of its current and new technology programs, the buildout of its new Calgary Innovation Centre, working capital and general corporate purposes.
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About Exro Technologies Inc.
Exro facilitates the transition to clean energy by providing products and services to manufacturers to increase the efficiency and reliability of power systems, including electric motors, generators and batteries. Exro’s patented technology enhances energy systems by dynamically sensing and adapting variable inputs and optimally matching them to desired outputs, creating measurable performance gains and extended lifespan. The widespread applications of the technology apply to optimizing the performance of electric vehicles, UAVs, and ship drives, as well as pumps, industrial motors, and energy capture from wind and tides. For more information, visit the company’s website at www.Exro.com.
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