Exro Announces Closing of $20.35 Million Bought Deal Financing

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Exro Logo (CNW Group/Exro Technologies Inc.)

CALGARY, Alta., February 4, 2022 /CNW/ – Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) (the “Company” or “Exro”), a leading cleantech company that has developed a new class of power electronics for electric motors and batteries, today announced that it has closed its previously announced bought deal offer (the “Offer”). Pursuant to the Offer, Exro sold 12,722,450 units (the “Units”) at a price of $1.60 per Unit (the “Issue Price”) for aggregate gross proceeds of $20,355,920. The total number of Units sold under the offering includes 1,659,450 Units issued pursuant to the exercise of an over-allotment option granted to the underwriters, which was fully exercised by the underwriters. Each Unit consists of one common share in the capital of the Company and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each warrant is exercisable for one common share at a price of $2.00 per ordinary share up to February 4, 2025.

The placement was made through a syndicate of underwriters led by Eight Capital and Raymond James Ltd., as co-managers and joint bookrunners and comprising Haywood Securities Inc., ATB Capital Markets Inc. and Laurentian Bank Securities Inc. (collectively, the “Subscribers”). As part of the placement, the underwriters received 750,847 broker warrants, each entitling their holder to acquire one common share of the Company at the issue price for a period of 36 months following the closing of the placement.

The Units have been offered by an amended and restated prospectus supplement dated February 1, 2022the base shelf prospectus of the Company dated December 16, 2021filed with the securities authorities of each of the provinces of Canadacopies of which are available under the Company’s profile on SEDAR at www.sedar.com.

The securities offered have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in United States failure to register or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Exro Technologies Inc.

exro is a cleantech company pioneering smart power electronics control solutions to help solve the toughest problems in electrification. Exro has developed a new class of control technology that extends the capabilities of electric motors, generators and batteries. Exro allows the app to do more with less power consumed.

Exro’s advanced motor control technology, the Coil DriverMT, extends the capabilities of electric powertrains by enabling intelligent optimization for efficient energy consumption. Exro works with many partners around the world to bring their technology to the electric mobility industries and beyond.

For more information visit our website at www.exro.com.

Visit us on social media @exrotech.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terms such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations thereof. of such words, or statements that certain actions, events, or results “could”, “could”, “would”, “could”, “will be taken”, “occur”, or “will be achieved”. Forward-looking statements involve risks, uncertainties and other factors disclosed under “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators, which could cause results, performance Actual prospects and opportunities differ materially from those expressed or implied by such statements. forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based on information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by such statements. statements. Readers are therefore cautioned not to place undue reliance on such statements, which speak only as of the date of this press release, and no assurance can be given whether such events will occur within the time frames stated or not. at all. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is qualified in its entirety by the cautionary statements and disclosure of risk factors contained in the Company’s filings with the Canadian securities authorities, including the Company’s Annual Information Form for the year ended December 31, 2020and the financial statements and related MD&A for the year ended December 31, 2020filed with the securities authorities of certain provinces of Canada and available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be those anticipated, estimated or planned. The Company does not intend and undertakes no obligation to update this forward-looking information, except as otherwise required by applicable law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Exro Technologies Inc.

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