Vicinity Motor Corp. announces one-year extension to maturity date of C$10 million debenture


The extension provides a capital structure option, supporting short-term liquidity objectives

VANCOUVER, BC /ACCESSWIRE/June 9, 2022/ Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today announced that it has extended the expiry date of its 8% unsecured debenture in the principal amount of CA$10,300,000 for one year until a new maturity date, October 4, 2023.

In consideration for extending the maturity date of the debentures, with all other terms of the debt remaining unchanged, Vicinity has agreed, subject to TSX Venture Exchange approval, to issue to the lender an aggregate of 1 000,000 share purchase warrants (the “New Warrants”) exercisable until October 4, 2023 at an exercise price of $2.25 per common share. The New BSAs will be subject to a restriction period of four months and one day from the date of issue. The warrant certificate for 412,000 warrants dated October 4, 2021 will be canceled upon issuance of the new warrants.

“We are pleased to have extended the maturity date of our 8% unsecured debentures, which provides us with an additional capital structure option as we execute our large order backlog, which currently stands at over $90 million,” said William Trainer, founder and CEO of Vicinity Motor Corp.

About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a North American supplier of electric vehicles for public and commercial enterprises. The Company relies on a dealer network and close relationships with world-class manufacturing partners to supply its flagship Vicinity electric, CNG and clean diesel buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle . In addition, the company sells its proprietary electric chassis alongside the EAVX business unit of JB Poindexter, the company’s strategic partner, for equipping next-generation delivery vehicles. For more information, please visit

Company Contact:
Jean LaGourgue
Vice President of Corporate Development
[email protected]

US Investor Relations Contact:
Lucas Zimmerman or Mark Schwalenberg, CFA
MZ Group – MZ North America
[email protected]

Canadian Investor Relations Contact:
MarketSmart Communications Inc.
[email protected]

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

Caution Regarding Forward-Looking Statements
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”. and similar expressions or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Vicinity’s expectations include uncertainties relating to economic conditions in the markets in which Vicinity operates, vehicle sales volume, expected future sales growth, the success Vicinity’s operating strategies, the timing of the completion of the vehicle assembly plant in Washington State, the effect of the COVID-19 pandemic, government restrictions on operations, the success of Vicinity’s strategic partnerships; and other risks and uncertainties disclosed in Vicinity’s reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity’s forward-looking statements reflect the beliefs, opinions and projections as of the date the statements are made. Vicinity undertakes no obligation to update any forward-looking statements or beliefs, opinions, projections or other factors should they change, except as required by law.

THE SOURCE: Vicinity Motor Corp.

See the source version on


Comments are closed.