GreenPower closes $2.17-million placement
2015-12-21 07:45 MT - News Release
Mr. Fraser Atkinson reports
GREENPOWER ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF SHARE UNITS
GreenPower Motor Company Inc. has closed the non-brokered private placement of share units for gross proceeds of $2,170,596. Three of the directors of the company participated in this private placement for $1,075,495.
The terms of the share units include: the company issued 6,201,699 common shares so the company presently has 83,526,394 issued and outstanding shares; and the company issued 3,100,846 non-transferrable common share purchase warrants, with each warrant exercisable into one share at an exercise price of 50 cents per share in the first year after issuance, 75 cents per share in the second year after issuance and $1 per share in the third year after issuance, subject to adjustment.
The shares issued or issuable upon exercise of the warrants are subject to a statutory hold period expiring on April 18, 2016. Finders' fees of $3,815 were paid to arm's-length finders in connection with the private placement. The closing of this private placement has been approved by the TSX Venture Exchange.
Previously the company announced the closing of the non-brokered private placement of convertible debentures for gross proceeds of $777,000. Combined with the gross proceeds from the private placement of share units the total proceeds for these offerings amounted to $2,947,596. After paying the costs of the private placement, the net proceeds will be primarily used for production of electric buses, as well as testing, sales and marketing, and general working capital.
© 2015 Canjex Publishing Ltd. All rights reserved.
GreenPower to lease EVC550 bus to GVHA, CVS Tours
2015-11-30 07:46 MT - News Release
Mr. Fraser Atkinson reports
GREENPOWER ANNOUNCES LETTER OF INTENT TO LEASE ITS EVC550 ALL-ELECTRIC DOUBLE DECKER WITH THE GREATER VICTORIA HARBOUR AUTHORITY AND CVS TOURS
GreenPower Motor Company Inc. has entered into a letter of intent to lease its EVC550 all-electric double-decker, with an option to purchase after three years, with the Greater Victoria Harbour Authority and CVS Cruise Victoria Ltd., with delivery expected in April, 2016.
The pilot program will evaluate the feasibility for fully electric bus transportation for the cruise ship tourism industry in Victoria. The focus will be on cost of operations compared with conventional diesel buses, emission reduction, noise reduction and charging station requirements. The bus will be in daily operation while cruise ships are in port, servicing shore excursions for passengers during the busy season from April to September each year.
Dave Roberts, acting general manager at CVS Tours, commented: "It is with the co-operation of great partners like GreenPower, the Greater Victoria Harbour Authority and Western Stevedoring that we have been able to make this opportunity a reality. This new bus represents a commitment on the part of CVS and its partners to the environment, community and the future. We are hopeful that this pilot deployment project proves to be a success and will help to lead the industry. This technology has never been implemented in Victoria before, and we are very keen to put it through a test year."
The GVHA is committed to enhancing the working harbour and continues to have discussions with other cruise partners seeking various opportunities to serve the tourism industry of Greater Victoria and the surrounding communities in an environmentally friendly and efficient manner.
"A cornerstone of our vision for the future of the cruise industry in Victoria is to continually evaluate and source new, greener and more efficient transportation options for modernizing the current fleet of buses serving Ogden Point," said Ian Robertson, chief executive officer at GVHA.
The EVC550 is an all-electric double-decker bus measuring 45 feet in length, 8.5 feet wide, 13.5 feet high, and it can accommodate 88 seated passengers and standees. The EVC550 is fully accessible with a low-floor design, kneeling capabilities and wheelchair lift, and it can be configured for one or two wheelchairs or mobility aids. The EVC550 has over 400 kilowatt hours of batteries with a range of up to 385 kilometres (240 miles) on a single charge, depending on the requirements and operating criteria set by the operator. The EVC550 is versatile as it can fulfill the requirements for transit agencies, shuttle operations and tour operators, as well as special situations.
"GVHA and CVS Tours are ideal partners for us with their expertise operating a fleet of motor coaches and a strong commitment to lessening their environmental footprint in Victoria," said Phillip Oldridge, chief executive officer of GreenPower. "This pilot program continues on our momentum to place our all-electric buses into service where their costs and competitive advantages can be measured first-hand. Agencies throughout North America are now ramping up their interest in all-electric transportation, along with the consumer market, and this program brings together both. We believe collaborations like this one will begin to catalyze our growth and revenue in 2016 as we continue to scale our outreach."
We seek Safe Harbor.
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