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. An electric school bus passes by the Lion Electric battery manufacturing plant for medium and heavy vehicles in Mirabel, Que., Monday, April 17, 2023. THE CANADIAN PRESS/Graham Hughes
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 Québec, Fonds de solidarité des travailleurs du Québec 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.
This report by The Canadian Press was first published July 17, 2023.
Companies in this story: (TSX:LEV)
