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Taiga Motors secured convertible debentures and raises an additional $6.6M

MONTREAL — Taiga Motors Corporation, an electric off-road vehicle manufacturer, announced that following the exercise of the option that had been granted to Northern Private Capital (together with its affiliates and funds managed by it, NPC), in connection with its private placement of $40.15 million aggregate principal amount of 10 per cent secured convertible debentures due March 31, 2028 that closed on March 24, 2023.

It has raised an additional $6.6 million in gross proceeds by issuing additional debentures to NPC and Investissement Québec (IQ, and together with NPC) with each of the Investors having subscribed for $3.3 million of the additional debentures. Other than the amount of the initial interest payment, the additional debentures carry the same terms as the debentures issued on March 24, 2023.

“The exercise of the option to acquire the additional debentures is further evidence of Taiga’s business plan and the opportunity we have to transform powersports with our award-winning electric snowmobile and personal watercraft,” said Samuel Bruneau, CEO and Co-Founder of Taiga Motors. “With the support of partners like Northern Private Capital and Investissement Québec, who have collectively provided us with $46.8 million of capital in 2023, we’re pushing further ahead with our mission and continuing to ramp up deliveries for our eagerly awaiting customers.”

With the option now having been exercised, this marks the completion in its entirety of the private placement of the debentures announced in March 2023.