VANCOUVER, BC—(Marketwired – June 27, 2016) –
NOT FOR DISSEMINATION IN THE UNITED STATES
GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) (the “Company“) announces that, further to its News Release of May 20, 2016, it has completed its private placement financing (the “Financing“) pursuant to which it issued 1,000,000 common shares (the “Shares“) at a price of $0.30 per Share for gross proceeds of $300,000.
The Shares are subject to a restricted period which expires on October 7, 2016, and will also be subject to applicable hold periods under United States securities laws. None of the Shares have been registered under the United States Securities Act of 1933, as amended (the “1933 Act“), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.
Finder's fees of $15,000 were paid to an arm's length finder in connection with the Financing.
The net proceeds of the Financing will be used for the production of electric buses, testing, sales and marketing, and general working capital.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower's bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower sources and integrates key vehicle components from global suppliers, such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release. Â© 2016 GreenPower Motor Company Inc. All rights reserved.