Business
GreenPower Closes Fifth Tranche of Term Loan Offering
VANCOUVER, BC, July 8, 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, July 8, 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 the closing of the fifth tranche of its previously announced secured term loan offering on July 4, 2025 for an aggregate principal amount of U.S. $250,000 (collectively the \"Loans\"). Please refer to the Company's news release dated May 13, 2025 for more details regarding the term loan offering.\n\n \n \n \n \n \n \n\n \nIn connection with the Loans, the Company entered into respective loan agreements with companies controlled by the CEO and a Director of the Company (the \"Lenders\"). Management anticipates that the Company will allocate the net proceeds from the Loans towards production costs, supplier payments, payroll and working capital.\nThe Loans are 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 closing (the \"Closing Date\") to and including the date all of the Company's indebtedness pursuant to the Loans is paid in full. The term of the Loans will be two years from the Closing Date.\nAs an inducement for the Loan, the Company issued 304,878 non-transferable share purchase warrants (each, a \"Loan Bonus Warrant\") to one of the Lenders. Each Loan Bonus Warrant entitles the holder to purchase one common share of the Company (each, a \"Share\") at an exercise price of U.S. $0.41 per Share for a period of twenty-four (24) months from the closing date of the Loan. In addition, one Lender will be issued an aggregate of 60,975 Shares (each a \"Loan Bonus Share\").\nThe Lenders are each considered to be a \"related party\" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and each of the Loans and issuance of Loan Bonus Warrants and Loan Bonus Shares, as applicable, is considered to be a \"related party transaction\" within the meaning of MI 61-101 but each is exempt from the formal valuation requirement and minority approval requirements of M...