ZENN Motor Company Inc. is pleased to announce a non-brokered private placement (the “Private Placement”) of up to 2,400,000 units of the Corporation (the “Units”) at a price of $0.375 per Unit for gross proceeds of up to $900,000.
Each Unit is comprised of one common share in the capital of the Corporation (a “Common Share”) and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of $0.58 per share for a period of 18 months from the issuance date thereof.
The Common Shares, the Warrants and, upon the exercise of the Warrants, the Warrant Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws. The net proceeds of the Private Placement will be used by ZENN for working capital and general corporate purposes. Closing of the Private Placement is subject to receipt of TSX Venture Exchange approval.
