EV Technology Group Ltd. announced a private placement to issue unsecured convertible notes for gross proceeds of CAD 2.5 million on July 21, 2023. The Notes will mature one year from the date of issuance and has an interest at the rate of 7% p.a. The transaction is subject to the approval of Cboe Canada. The note may be converted to common shares at a price equal to the trading price of the Common Shares on the Cboe Canada less a 10% discount or automatically convert into common shares at a conversion price at a price equal to the ascribed price per common share in the relevant transaction giving rise to the automatic conversion less a 75% discount, provided that the maturity conversion price and the QT conversion price shall not be lower than CAD 0.045 per common share.