MONTREAL, March 24, 2023 /CNW/ - Taiga Motors Corporation ("Taiga" or the "Company") (TSX: TAIG), a leading electric off-road vehicle manufacturer, announced today that it has successfully closed its previously announced issuance, on a private placement basis, of $40.15 million aggregate principal amount of 10% secured convertible debentures due March 31, 2028 (the "Debentures") (collectively, the "Private Placement"). The entirety of the Private Placement was subscribed for by two institutional investors, Northern Private Capital (together with its affiliates and funds managed by it and its affiliates, "NPC") and Investissement Québec ("IQ", and together with NPC, the "Investors"), having respectively subscribed for $25.15 million and $15 million of the Debentures. The Company realized net proceeds of approximately $36 million after payment of transaction-related fees and expenses. Further details are set out in the Company's press release announcing the Private Placement issued on March 17, 2023.

"The capital from this investment will facilitate Taiga's ability to scale its production and deliver our award-winning electric powersport vehicles to customers that have been eagerly waiting for their Taiga vehicles." said Sam Bruneau, Chief Executive Officer and Co-Founder of Taiga Motors. "Our team of 269 employees has laid the foundation for Taiga to lead electrification of powersports, and now with the support of such significant investors, we're looking forward to maintaining our technological edge and continuing to revolutionize powersports."

Taiga (TSX: TAIG) is a Canadian company reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. For more information, visit www.taigamotors.com.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to,  our objectives and the strategies to achieve these objectives, expectations regarding market trends, the Company's growth rates, the Company's future objectives and strategies to achieve those objectives, including, without limitation, organic growth and future acquisitions, expected timelines for achieving mass production capabilities, the ramp-up of its current facility and development of its second facility, expected deliveries, the ability to obtain sufficient financing and the associated manufacturing benefits in respect thereof, including increased capacity as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", as well as the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases.

Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the conditions precedent to closing the Private Placement, the effective further supply chain disruptions, and the impact of such disruptions on ability to fulfil orders, pre-orders for the Company's vehicles being cancelled and those described in the Company's management's discussion and analysis for the three and nine-month periods ended September 30, 2022, and under the "Risk Factors" section of the Company's annual information form filed on March 28, 2022 on the Company's SEDAR profile at sedar.com. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.

All of the forward-looking information contained in this press release is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.