Quebec-based electric vehicle maker Lion Electric (LEV) has raised $142 million U.S. to help fund its expansion in both Canada and the U.S.
Lion Electric designs and builds fully electric trucks, buses, and minibuses. The company said the money raised will fund growth at its manufacturing facilities in Mirabel, Quebec and Joliet, Illinois.
The capital was raised through the issuance of $74 million U.S. in senior unsecured convertible debentures to a group of subscribers that includes the Investissement Québec, Fonds de solidarité des travailleurs du Québec and Fondaction.
Lion Electric is also issuing $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 $2.81 per share.
The stock of Lion Electric has declined 48% over the last 12 months and now trades at $2.98 per share.
