08:27 AM EDT, 06/09/2025 (MT Newswires) -- Exro Technologies ( EXROF ) on Monday said it made an initial $2-million draw on a $30-million credit facility as it continues a strategic review.

The company, which makes power controls for electric vehicles and energy storage, said it is meeting milestones imposed by the unnamed lender when it agreed to the senior secured loan facility last month. Exro ( EXROF ) has approved a 2025 budget, hired Cantor Fitzgerald as an advisor for its strategic review and is working to secure consent from holders of its convertible debentures for a postponement of security while winding up its Australian subsidiaries.

"Exro ( EXROF ) continues to work towards the satisfaction of the milestones required to make further draws under the Facility. With the assistance of Cantor, a globally recognized financial advisor, Exro ( EXROF ) looks forward to advancing its strategic review," the company said.

The company said the lender has approved the next draw on the facility on July 15 after it completes an operating plan to the lender and provides evidence it has talked to at least three credible strategic partners during the review process.

Exro ( EXROF ) shares closed unchanged at $0.095 Friday on the Toronto Stock Exchange.