Vicinity Motor Corp. announced that it has secured a new USD 9.0 million credit facility from Export Development Canada ("EDC") (the "New Credit Facility") to fund working capital and capital expenditures as the Company begins production of the VMC 1200 at its facility in Ferndale, Washington. The New Credit Facility, which is designed for capital expenditures and working capital needs, bears interest at a rate of prime plus a per annum margin between 375 and 500 basis points depending on the Company's full year EBITDA, and is secured by the existing assets of the Company.

This New Credit Facility complements the previously announced US$30 million credit facility, which is required to be used for VMC 1200 production costs, excluding labor and overhead.