Electric vehicle company Lion Electric raising US$142 million to fund growth
The Canadian Press
Business Operations Sustainability Automotive
Photo: Lion Electric.
MONTREAL _ Electric vehicle maker Lion Electric Co. has raised about US$142 million to help fund its growth including expansion projects in Mirabel, Que., and Joliet, Ill.
The company says the financings include the issuance of US$74 million in senior unsecured convertible debentures to a group of subscribers including Investissement Quebec, Fonds de solidarite des travailleurs du Quebec and Fondaction.
Lion Electric is also issuing C$90 million in senior secured non-convertible debentures to a group of subscribers led by Mach Group and the Mirella and Lino Saputo Foundation as well as 22.5 million common share purchase warrants with an exercise price of C$2.81 per share.
Shares in the company were up 22 cents, or eight per cent, at C$3 in afternoon trading Monday on the Toronto Stock Exchange.
Lion Electric designs and builds all-electric trucks, buses and minibuses.
It says it plans to use the cash raised to fund working capital, strengthen its financial position and pursue its growth strategy.
