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Vicinity Motor Corp. Announces Completion of Extension of Maturity Date on CAD$10 Million Debenture

Extension Provides Capital Structure Optionality, Supporting Near-Term Liquidity Goals

VANCOUVER, BC / ACCESSWIRE / June 15, 2022 / Vicinity Motor Corp. (NASDAQ: VEV)(TSX.V:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, announces that it has completed the extension of the maturity date of its 8% unsecured debenture in the principal amount of CAD$10,300,000 by a further year to October 4, 2023.

In consideration for the extension, the Company has issued to the debt holders (on a pro rata basis), 1,000,000 share purchase warrants (the "New Warrants") exercisable until October 4, 2023 at an exercise price of $2.25 per common share. The New Warrants will bear a four month and one day restricted period from the date of issuance. 412,000 share purchase warrants dated October 4, 2021 that were issued in connection with the original debt issuance, have been cancelled as part of the debt extension.

"We continue to see strong business momentum across both our conventional and electric vehicle product lines, and this maturity date extension on our 8% unsecured debentures will afford us the flexibility needed to deliver upon our order backlog," said William Trainer, Founder and CEO of Vicinity Motor Corp. "I am incredibly excited to continue this robust pace of operational execution in the months ahead as we strive to create sustainable, long-term value for our shareholders."

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ: VEV)(TSX.V:VMC)(FRA:6LGA) is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

U.S. Investor Relations Contact:
Lucas Zimmerman or Mark Schwalenberg, CFA
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

Canadian Investor Relations Contact:
MarketSmart Communications Inc.
877-261-4466
Info@marketsmart.ca

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE: Vicinity Motor Corp.



View source version on accesswire.com:
https://www.accesswire.com/705161/Vicinity-Motor-Corp-Announces-Completion-of-Extension-of-Maturity-Date-on-CAD10-Million-Debenture

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