Grande West Announces Private Placement Increase to $8,000,000

Rhea-AI Summary

Grande West Transportation Group has increased its non-brokered private placement from $6.5 million to $8 million due to positive investor interest. This increase is subject to regulatory approvals from the TSXV. Grande West is a Canadian manufacturer of mid-sized multi-purpose transit vehicles, including the Purpose-Built Vicinity bus, compliant with Buy America certification. The company has successfully supplied municipal transportation agencies and is expanding its distribution in the U.S.

Positive

• Increased non-brokered private placement from $6.5 million to $8 million indicates strong investor demand.
• Successful supply of vehicles to Canadian municipal transportation agencies boosts revenue potential.
• Expansion of distribution chain in the U.S. creates additional market opportunities.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 4, 2020 / Grande West Transportation Group Inc. (TSXV:BUS)(OTCQX:GWTNF)(FRA:6LG) - November 4, 2020: ("Grande West" or the "Company"), a Canadian manufacturer of mid-sized multi-purpose transit vehicles for sale in Canada and the United States, is pleased to announce that, further to its news release dated November 4, 2020, due to positive interest, the Company has increased its non-brokered private placement from $6,500,0000 to $8,000,000. Otherwise, in all other respects, the Company's news release date November 4, 2020, remains accurate.

The closing of the Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSXV.

About Grande West Transportation Group

Grande West Transportation is a Canadian company that designs and engineers mid-size multi-purpose transit vehicles for public and commercial enterprises. Grande West utilizes world class manufacturing partners to produce the Purpose-Built Vicinity heavy duty bus available in clean diesel, gas and CNG drive systems. The Vicinity LT EV with an electric propulsion drive system is available for 2021 deliveries.

The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses. Grande West is compliant to Buy America certification, and with a strong distribution chain in the U.S., is actively pursuing opportunities in public and private transit fleet operations that would benefit from Grande West's vehicles.

www.grandewest.com

For investor relations please contact:

Paradox Public Relations Inc.

Karl Mansour
Managing Director
Ph: (514) 341-0408 or 1-866-460-0408
IR@grandewest.com

Grande West Transportation

John LaGourgue
VP Corporate Development
Ph: 604-288-8043
IR@grandewest.com

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Grande West's expectations include uncertainties relating to the receipt of final approval from the TSX-V; and other risk and uncertainties disclosed in Grande West's reports and documents filed with applicable securities regulatory authorities from time to time. Grande West's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Grande West assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE: Grande West Transportation Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/614545/Grande-West-Announces-Private-Placement-Increase-to-8000000

FAQ

What is the updated amount for Grande West's private placement on November 4, 2020?

Grande West's private placement amount has increased from $6.5 million to $8 million.

Is Grande West's private placement subject to any approvals?

Yes, the closing of the private placement is subject to necessary regulatory approvals from the TSXV.

What type of vehicles does Grande West manufacture?

Grande West manufactures mid-sized multi-purpose transit vehicles, including the Vicinity bus.

What is the significance of the increase in private placement for Grande West?

The increase in private placement reflects positive investor interest and potential for enhanced funding.

Is Grande West's Vicinity bus compliant with any certifications?

Yes, the Vicinity bus is compliant with Buy America certification.