Taiga Motors Corporation announced that Export Development Canada (EDC) has agreed to upsize its existing senior secured credit facility available to Taiga by providing up to approximately $5.25 million of additional funding (the Upsized EDC Credit Facility) for working capital and general corporate purposes through an amended and restated loan agreement (the A&R Loan Agreement), such as supporting its omnichannel retail and dealer network growth. As of the date of this press release, Taiga has drawn down $3.75 million of additional funding under the Upsized EDC Credit Facility. In addition, EDC may decide, in its sole discretion, whether to advance to the Company up to $1.5 million of additional funding under the A&R Loan Agreement.

Borrowings under the Upsized EDC Credit Facility bear interest at the prevailing annual Canadian prime rate plus 7.00% and they mature and are repayable on December 31, 2024. The A&R Loan Agreement also contains limited affirmative and negative covenants and other customary provisions and mandatory repayment events (including certain financial covenants relating to current ratios and cashflows from operation) and events of default.