06:32 AM EST, 12/23/2024 (MT Newswires) -- Exro Technologies ( EXROF ) , a clean-technology company focused on e-mobility, over the weekend provided an update on the settlement of interest payments through the issuance of common shares.

The company issued $15 million secured convertible debentures on Dec. 30, 2022, bearing interest at 12% per annum, payable semi-annually in arrears beginning June 30, 2023.

As of Dec. 20, the company has 14,950 debenture units outstanding and interest owing on the debentures payable of $897,000.

The company has elected to issue around 6.4 million common shares at a deemed price of $0.14 to the debenture holders as payment for the interest.

The issuance of the common shares as payment for the interest is subject to the terms and conditions of the debentures and the receipt of approvals, including TSX approval.