Business
GreenPower Announces Term Loan Offering
VANCOUVER, BC, May 13, 2025 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) ("GreenPower" and the "Company"), a leading manufacturer
About this update from Greenpower Motor Company Inc.
[{"type":"text","content":"VANCOUVER, BC, May 13, 2025 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (\"GreenPower\" and the \"Company\"), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announces a term loan offering of up to U.S. $2,000,000 from several lenders (the \"Loan\"). The Company may, at its discretion, elect to close the Loan in one or more tranches (each, a \"Closing Date\"). The Loan will be secured with a general security agreement on the assets of the Company subordinated to all senior debt with financial and other institutions and will bear interest of 12% per annum commencing on the date of advance (the \"Advance Date\") to and including the date all of the Company's indebtedness pursuant to the Loan is paid in full. The term of the Loan will be two years from the Advance Date.\n\n \n \n \n \n \n \n\n \nThe Company anticipates closing the first tranche of U.S. $500,000 from companies associated with the CEO and a Director of the Company (together, the \"Initial Lenders\"). Management anticipates that the Company will allocate the net proceeds from the Loan towards production costs, supplier payments, payroll and working capital.\nAs an inducement for the Loan, the Company will issue non-transferable share purchase warrants (each, a \"Loan Bonus Warrant\") to each Initial Lender with the number of Loan Bonus Warrants to be determined by the amount of the Loan to each Individual Lender divided by the Market Price (as such term is defined in the Policies of the TSX Venture Exchange (the \"Exchange\")) (the \"Market Price\"). Each Loan Bonus Warrant will entitle the holder to purchase one common share of the Company (each, a \"Share\") at an exercise price not less than the Market Price of the Shares on the Closing Date for a period of twenty-four (24) months from the Closing Date. The issuance of the Loan Bonus Warrants remains subject to acceptance by the Exchange.\nFor future tranches, the Company may issue Loan Bonus Warrants or bonus common shares (each, a \"Loan Bonus Share\") up to 20% of the amount of the Loan (determined by 20% of the amount of the Loan divided by the Market Price), or a combination of Loan Bonus Warrants and Loan Bonus Shares.\nThe Compa...