Exro Technologies (CSE: XRO) (OTCQB: EXROF) on Friday announced the completion of the first tranche of its non-brokered private placement financing. Per the release, the company raised $3,510,727 through the issuance of 10,030,648 common shares at a price of $0.35 each. The company has paid a finder’s fee comprised of 7% cash and has issued compensation warrants equal to 7% of the number of shares issued to investors that were introduced to the company by the finder (each a “compensation warrant”). Each compensation warrant is exercisable to acquire one common share at an exercise price of $0.42 each for a period of 12 months from the closing. The shares are subject to a hold period of four months from the date of issuance, pursuant to pertinent prospectus or registration exemptions in accordance with applicable laws. Exro intends to use the net proceeds from the offering toward funding the development of its current and new technology programs, the buildout of its new Calgary Innovation Centre, and for 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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