Exro Technologies Inc. announced a non-brokered private placement of units at a price of CAD 1.05 per unit for combined gross proceeds of not more than CAD 10,000,000 on August 23, 2022. Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 1.36 per share for a period of four years from the date of closing, provided that after closing of the transaction, the closing price of the shares exceeds or is equal to $2.72 per share on a volume-weighted adjusted basis for a period of twenty consecutive trading days, the company may accelerate the expiry date of the warrants after 30 days of issuing a press release announcing that it has exercised the acceleration right.

The securities are subject to a four month hold period. The transaction is expected to close on or before the closing of the concurrent brokered transaction. The transaction may close in tranches.

Certain officers and directors of the company may participate in the transaction.