#Canada #Vancouver #electric vehicles #Term Loan #GreenPower Motor

GreenPower Motor Company Secures $200,000 in Latest Term Loan

In a significant move to bolster its operations, GreenPower Motor Company Inc. (Nasdaq: GP) has announced the closing of its fourth tranche of a secured term loan offering totaling $200,000. This latest financing is part of a broader strategy to enhance the company’s production capabilities and operational efficiency, particularly within the electric vehicle sector.

Founded in Vancouver, Canada, GreenPower specializes in the design and manufacturing of all-electric medium and heavy-duty vehicles. Their commitment to zero-emissions transportation is evident in the diverse range of vehicles they offer, from transit buses to school buses and cargo vans. With the increasing demand for sustainable transportation solutions, this additional funding is crucial for sustaining growth and expansion.

The funding is expected to be utilized primarily for addressing production expenses, supplier payments, payroll, and working capital. This strategic allocation is aimed at ensuring that GreenPower maintains its momentum in bringing innovative electric vehicles to market.

Management has signaled that the proceeds from the loan will strengthen the company’s balance sheet, allowing them to fulfill existing contracts and respond to growing consumer needs. Furthermore, the funds will assist in streamlining production processes, enhancing GreenPower's operational framework in light of the rapidly evolving automotive landscape.

“This financial support enables us to allocate resources effectively and continue our commitment to developing products that align with our zero-emissions vision,” said Fraser Atkinson, CEO of GreenPower. “By securing this loan, we position ourselves for enhanced scalability and operational sustainability.”

In conjunction with the loan, GreenPower will issue non-transferable share purchase warrants to one of the lenders, with the number of warrants being contingent upon the principal amount of the loan. Each warrant allows the holder to purchase one common share at an exercise price equivalent to the market price on the loan's closing date.

Notably, the lenders involved in this transaction are considered