Vicinity Motor Corp. Secures $2 Million Unsecured Loan

Vicinity Motor Corp., a North American supplier of commercial electric vehicles, announced an unsecured loan agreement for $2,000,000 from two arms' length parties. The loan, with a 12-month term, carries a simple interest rate of 12%, with the principal and interest payable in full 12 months from the advance date. Additionally, Vicinity can repay the loan at any time without penalty.

The company also agreed to issue 800,000 bonus warrants as further consideration for the lenders. These warrants are exercisable into common shares at $1.15 each over the next 12 months. The issued bonus warrants and any resultant common shares will be subject to a four-month plus one day hold period from their date of issuance. Approval from the TSX Venture Exchange is pending for the issuance of these bonus warrants.