Benzinga | Sep 28, 2021 07:04AM EDT

Vicinity Motor Raises C$10M Via Debentures

* Vicinity Motor Corp (NASDAQ:VEV) has announced non-brokered financing of unsecured debenture units of C$10 million.

* The company intends to use the proceeds for general working capital and fund contract requirements for recently received Vicinity bus orders.

* Each Unit will consist of one 8% unsecured convertible debenture with interest payable upon maturity being 12 months from issue and 40 common share purchase warrants expiring 12 months after the date of issuance of such Warrants.

* Price Action: VEV shares closed higher by 5.98% at $4.96 on Monday.