Taiga Motors Announces Private Placement of $40.15 million of Secured Convertible Debentures and Provides Corporate and Financial Update
Summary
MONTREAL, March 17, 2023 /CNW/ - Taiga Motors Corporation ("Taiga" or the "Company") (TSX: TAIG), a leading electric off-road vehicle manufacturer, announced today that, following a robust process to identify financing options and secure sufficient capital to fund the ongoing ramp-up of its business operations, the Company has entered into definitive subscription agreements for a private placement of $40.15 million aggregate principal amount of 10% secured convertible debentures due March 31, 2028 (the "Debentures") (collectively, the "Private Placement"). We have great opportunities ahead of us and our vision has always been to mass produce electric off-road vehicles that are accessible to a broad base of customers," said Samuel Bruneau, Chief Executive Officer and Co-Founder of Taiga Motors. We believe Taigas first-mover advantage in electrification will enable it to become the leader in the rapidly growing electric powersports industry in the coming years and are excited to help the company realize that vision," commented Andrew Lapham, co-Founder and CEO of Northern Private Capital. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise.