GreenPower Closes Third Tranche of Term Loan Offering
VANCOUVER, BC, June 8, 2025/ PRNewswire/– GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Business”), a leading maker and distributor of all-electric, purpose-built, zero-emission medium and sturdy automobiles serving the freight and delivery market, …
As an inducement for the Loan, the Business issued 340,909 non-transferable share purchase warrants (each, a” Loan Benefit Warrant “) to one of the Lenders. Each Loan Perk Warrant entitles the holder to purchase one common share of the Company (each, a” Share “) at a workout price of U.S. $0.44 per Share for a duration of twenty-four (24) months from the closing date of the Loan. The Lenders are each thought about to be a “associated celebration” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Deals (” MI 61-101 “) and each of the Loans and issuance of Loan Bonus Warrants and Loan Bonus Shares, as appropriate, is thought about to be a “related party transaction” within the significance of MI 61-101 but each is exempt from the formal appraisal requirement and minority approval requirements of MI 61-101 by virtue of the exemptions included in area 5.5( a) and 5.7( a) as the fair market value, in each case, of the Loans, the Loan Perk Warrants, and the Loan Bonus Shares, as applicable, is not more than 25% of the Company’s market capitalization.
In connection with the Loans, the Business got in into particular loan agreements with business controlled by the CEO and a Director of the Business (the” Lenders “). As an inducement for the Loan, the Business released 340,909 non-transferable share purchase warrants (each, a” Loan Benefit Warrant “) to one of the Lenders. Each Loan Benefit Warrant entitles the holder to purchase one common share of the Company (each, a” Share “) at a workout rate of U.S. $0.44 per Share for a duration of twenty-four (24) months from the closing date of the Loan. The Lenders are each thought about to be a “related party” within the meaning of Multilateral Instrument 61-101 Defense of Minority Security Holders in Special Deals (” MI 61-101 “) and each of the Loans and issuance of Loan Benefit Warrants and Loan Benefit Shares, as applicable, is considered to be a “related party transaction” within the meaning of MI 61-101 but each is exempt from the formal evaluation requirement and minority approval requirements of MI 61-101 by virtue of the exemptions included in section 5.5( a) and 5.7( a) as the reasonable market value, in each case, of the Loans, the Loan Bonus Offer Warrants, and the Loan Reward Shares, as relevant, is not more than 25% of the Company’s market capitalization. All securities provided in connection with the Loans will be subject to a statutory hold duration of 4 months plus a day from the closing of the Preliminary Loan in accordance with appropriate securities legislation.
