Exro Technologies Inc. announced a private placement comprised of an equity financing for the issuance on a bought deal basis of 31,600,000 Subscription Receipts at a price of CAD 0.95 per Subscription Receipt for aggregate gross proceeds to the company of approximately CAD 30,020,000 with certain co-lead underwriters, for and on behalf of a syndicate of underwriters and contemporaneous with the issuance of Subscription Receipts, SEA has also entered into arrangements to receive an aggregate of CAD 12,000,000 of debt financing from a Canadian pension fund manager (Debt Investor) for the aggregate gross proceeds of CAD 42,020,000 on January 30, 2024. The Underwriters have been granted an option on the offering, exercisable in whole or in part on the same terms as the offering, no later than two business days before the closing date to issue up to an additional 21,100,000 Subscription Receipts for additional gross proceeds of up to approximately CAD 20 million. The Offering is expected to close on February 15, 2024 and is subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX, subject to the of approval of company's shareholders at a special meeting.

All securities issued in connection with the Offering are subject to a four-month and one day hold period in Canada, during which time the securities may not be traded.