NOT FOR DISSEMINATION IN THE UNITED STATES
Vancouver, Canada, May 20, 2016 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQB:GPVRF) (the “Company”), announces that it has arranged for a non-brokered private placement (the “Financing”) of up to 1,000,000 common shares (the “Shares”) at a subscription price of $0.30 per Share for gross proceeds of up to $300,000.
All of the securities to be issued by the Company in connection with the Financing will be subject to a four hold period in accordance with applicable Canadian securities laws, and will also be subject to applicable hold periods under United States securities laws. None of the securities issued have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any State where such offer, solicitation, or sale would be unlawful.
Finder’s fees of $15,000 are payable to an arm’s length finder in connection with the private placement.
The net proceeds of the Financing will be used for the production of electric buses, testing, sales and marketing, and general working capital.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower’s bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower sources and integrates key vehicle components from global suppliers, such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowermotor.com
For further information contact:
Fraser Atkinson, Chairman
(604) 220-8048
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.
© 2016 GreenPower Motor Company Inc. All rights reserved.
