Vicinity Motor (VEV) extends the maturity date of its C$10 million debenture by one year

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Vicinity Motor Corp. (NASDAQ: VEV) announced today that it has extended the maturity date of its 8% unsecured debenture in the principal amount of C$10,300,000 by one year to a new date of deadline, 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 backlog, which currently stands at over $90 million,” said William Trainer, founder and CEO of Vicinity Motor Corp.

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