08:32 AM EDT, 05/16/2025 (MT Newswires) -- GreenPower Motor ( GP ) overnight Thursday said it closed the first tranche of its previously announced secured term loan offering of US$500,000.

The company expects to allocate proceeds from the initial loan towards production costs, supplier payments, payroll and working capital. The term of the initial loan will be two years from the advance date.

It also issued 1.1 million non-transferable share purchase warrants to its chief executive and director, each, as an inducement for the loan. Each loan bonus warrant entitles the holder to buy one common share of the company at US$0.46 apiece for 24 months from the closing date of the initial loan.

U.S.-listed shares of GreenPower were last seen down 2% at US$0.4499 in pre-market trading.