Canadian electric vehicles manufacturer Electra Meccanica Vehicles Corp. has entered into purchase agreements for the acquisition of an aggregate of its 3.3 million common shares at an offering price of $3.60 per common share.
The aggregate gross proceeds to Electra Meccanica are $12 million before placement agent fees and other offering expenses.
The company plans to use the net proceeds to further the design and development of its two-seater sports car, for the production of the SOLO as well as working capital and for general corporate purposes.
The deal, subject to customary closing conditions, is expected to be completed on or about March 27, 2019.