Vicinity Motor Corp. announced that it has completed an amendment of its unsecured debenture in the original principal amount of CAD 10.3 million, inclusive of an extension of the maturity date to October 4, 2024. Per the terms of the amendment, the maturity date was extended by one year and accrued interest of CAD 1.7 million was added to the original principal balance of CAD 10.3 million, reflecting a new principal amount of CAD 12.0 million at a new interest rate of 13%.

The 1,000,000 warrants that were issued in conjunction with the previous extension have been cancelled, and 1,500,000 new warrants will be issued with an 18-month term. The warrants are exercisable at CAD 1.33 which represents the 10 day VWAP preceding this announcement. The note now carries a repayment schedule with 25% of the principal due on April 4, 2024 ?

a further 25% due on July 4, 2024 ? and the remaining 50% due plus all accrued interest on October 4, 2024.