Exro Technologies Inc. announced a non-brokered private placement of up to 2,857,142 units at a price of CAAD 1.05 per unit for gross proceeds of CAD 2,999,999.1 on August 23, 2022. Each unit consist of one common share and one share purchase warrant, with each warrant exercisable to acquire one share at a price of CAD 1.36 per warrant share for a period of 48 months following the issuance date of the warrant. The company's management team will participate in the transaction.

The transaction is expected to close on or about September 15, 2022 and is subject to customary closing conditions, including listing of the common shares and warrant shares on the TSX Venture Exchange and any required approvals of the TSX Venture Exchange and applicable securities regulatory authorities. All securities to be issued pursuant to the private placement will be subject to a four month hold period from the date of issue.