Vancouver, Canada – January 14, 2015 – GreenPower Motor Company Inc. (TSXV:GPV) (“GreenPower”) is pleased to announce that it has closed the second tranche (the “Second Tranche”) and the third tranche (the “Third Tranche”, and together with the Second Tranche, the “Additional Tranches”) of its previously announced private placement to raise minimum gross proceeds of $2,800,000 and maximum gross proceeds of $5,000,000 (collectively, the “Financing”). GreenPower has raised gross proceeds of $247,869 under the Additional Tranches by the issuance of a total of 991,476 shares at $0.25 per share. GreenPower raised gross proceeds of $3,032,500 under the first tranche of the Financing by the issuance of 12,130,000 shares at $0.25 per share, as previously disclosed in GreenPower’s news release dated December 24, 2014. GreenPower intends to use the proceeds of the Additional Tranches for general corporate purposes.
The 70,000 shares issued pursuant to the Second Tranche are subject to a statutory hold period expiring on May 8, 2015, and the 921,476 shares issued pursuant to the Third Tranche are subject to a statutory hold period expiring on May 15, 2015. An arm’s length finder was paid finder’s fees of $1,225 and received 4,900 compensation options in
connection with closing of the Second Tranche. Each compensation option is exercisable into one common share of GreenPower at an exercise price of $0.25 per share until January 7, 2017. The compensation options are also subject to a statutory hold period expiring May 8, 2015.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc., through its wholly-owned subsidiary, GP GreenPower Industries Inc. (“GPI”), develops electric powered vehicles for commercial markets. GPI has developed the EV350 transit bus, which is an electric powered transit bus deploying electric drive and battery technologies with a lightweight chassis and low floor body. Presently, GPI Is building the EV350 for the North American market, using global suppliers for parts such as batteries, motors and axles, at a manufacturing facility that GPI intends to use in China. For further information go to www.greenpowermotor.com.
Forward-Looking Statements
This press release contains forward-looking statements relating to GreenPower’s operations and to the environment in which it operates, which are statements based on GreenPower’s operations, estimates, forecasts and projections. This document also contains forward looking statements regarding the intended use of proceeds of the Additional Tranches, the expiry date of hold periods for securities issued pursuant to the Additional Tranches, and the terms of exercise of the compensation options. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower’s control, including without limitation the risk that the proceeds of the Second Tranche may be reallocated. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue
reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further Information, contact:
Fraser Atkinson, Chairman
Tel: (604) 220-8048
Fax: (604) 681-1867
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 press release.
© 2015 GreenPower Motor Company Inc. All rights reserved.
