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GreenPower Announces Closing of Private Placement of Share Units


December 21, 2015 - Vancouver, BC

VANCOUVER, BC--(Marketwired - December 21, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower" or the "Company") announces the closing of the non-brokered private placement of share units (the "Share Units") for gross proceeds of $2,170,596. Three of the directors of the Company participated in this private placement for $1,075,495.

The terms of the Share Units include:

  • the Company issued 6,201,699 common shares so the Company presently has 83,526,394 issued and outstanding Shares; and
  • the Company issued ­3,100,846 non-transferrable common share purchase warrants (each, a "Warrant"), with each Warrant exercisable into one Share at an exercise price of $0.50 per Share in the first year after issuance, $0.75 per Share in the second year after issuance and $1.00 per Share in the third year after issuance, subject to adjustment.

The Shares issued or issuable upon exercise of the Warrants are subject to a statutory hold period expiring on April 18, 2016. Finder's fees of $3,815 were paid to arm's length finders in connection with the private placement. The closing of this private placement has been approved by the TSX Venture Exchange.

Previously the Company announced the closing of the non-brokered private placement of convertible debentures for gross proceeds of $777,000. Combined with the gross proceeds from the private placement of Share Units the total proceeds for these offerings amounted to $2,947,596. After paying the costs of the private placement, the net proceeds will be primarily used for production of electric buses, as well as testing, sales and marketing, and general working capital.

About GreenPower Motor Company Inc.

GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower's bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower sources and integrates key vehicle components from global suppliers, such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

© 2015 GreenPower Motor Company Inc. All rights reserved.

For further information contact:
Fraser Atkinson
Chairman

(604) 220-8048

MarketWire

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