Vicinity Motor Corp. – announces the completion of the extension of the maturity date of a C$10 million debenture

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VANCOUVER, BCVicinity Motor Corp. (NASDAQ:VEV)(TSX.V:VMC)(FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, announces that it has completed the extension of the maturity of its Unsecured Debenture at 8% of the principal amount of CA$10,300,000 from one additional year to October 4, 2023.

In return for the extension, the Company issued to the creditors (on a pro rata basis) 1,000,000 equity warrants (the “New Warrants”) exercisable until October 4, 2023 at an exercise price of $2.25 per ordinary share. The New BSAs will be subject to a restriction period of four months and one day from the date of issue. 412,000 dated stock warrants October 4, 2021 which were issued as part of the initial debt issuance, were canceled as part of the debt extension.

“We continue to see strong commercial momentum in our conventional and electric vehicle product lines, and this extension of the maturity date of our 8% unsecured debentures will provide us with the flexibility to meet our backlog,” said William CoachFounder and CEO of Vicinity Motor Corp. “I am extremely excited to continue this strong pace of operational execution in the months ahead as we strive to create long-term sustainable value for our shareholders.”

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV)(TSX.V: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 . Additionally, the Company sells its own electric chassis alongside JB Poindexter business unit EAVX, strategic partner of the Company, for the development of new generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.

Contact:

Jean LaGourgue

vice-president

Business development

Such. : 604-288-8043

E: [email protected]

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 the 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.

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