Chart Scan – Dec 17, 2024
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Author: TSX Stocks
Chart Scan – Dec 17, 2024
Chart Scan – Dec 17, 2024
AGMR.V – Silver Mountain Resources Incorporation
ENW.V – EnWave Corp.
GRAT.V – Gratomic Inc.
MAI.V – Minera Alamos Inc.
MASS.V – Masivo Silver Corp.
NILI.V – Surge Battery Metals Inc.
NRC.V – Nations Royalty Corp.
ROK.V – ROK Resources Inc.
SSE.V – Silver Spruce Resources, Inc.
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Lion Electric Announces Expiry of Covenant Relief Period and Defaults Under Certain Conditions of Senior Debt Instruments
MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today the expiry of the previously announced covenant relief period under its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada, as administrative agent and collateral agent, and including Bank of Montreal and Federation des Caisses Desjardins du Québec (the “Revolving Credit Agreement”), as well as the maturity of the Company’s loan agreement entered into with Finalta Capital Fund, L.P., as lender and administrative agent, and Caisse de dépôt et placement du Quebec (through one of its subsidiaries), as lender (the “Finalta CDPQ Loan Agreement”).
The company had previously announced on Dec. 1, 2024 amendments to the Revolving Credit Agreement and the Finalta CDPQ Loan Agreement in order to extend the covenant relief period and the maturity date of the Finalta CDPQ Loan Agreement to Dec. 16, 2024, which provided the company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives. As no such alternatives have materialized and no further amendments, concessions or waivers have been obtained, the expiry of the covenant relief period and re-introduction of the financial covenants previously applicable under the Revolving Credit Agreement as well as the maturity of the Finalta CDPQ Loan Agreement on Dec. 16, 2024 result in the company being in default pursuant to the terms of the Revolving Credit Agreement, the Finalta CDPQ Loan Agreement and other debt instruments providing for cross-default or cross acceleration provisions, and in the company’s lenders having the ability to exercise their rights and request immediate repayment of amounts borrowed by the company.
As a result of the foregoing, the company is currently in discussions with its senior lenders to obtain additional funds pursuant to a new debtor-in-possession credit facility and expects to seek creditor protection under the companies’ Creditors Arrangement Act in order to restructure its business and financial affairs and pursue a formal sales and investment solicitation process in respect of the company’s business or assets.
Trading in the common shares and other listed securities of the Company on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (the “NYSE”) has been halted and it is anticipated that the trading thereof will continue to be halted until a review is undertaken by the TSX and the NYSE regarding the suitability of the Company for listing on the TSX and the NYSE.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
BriaCell Announces Availability of Annual General Meeting Materials and Alternative Voting Procedures
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Dominion Lending Centres Inc. Completes Acquisition of Preferred Shares and Related Transactions
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Electrovaya to raise $11.1 million through public offering of common shares
Electrovaya Inc., an Ontario-based lithium-ion battery technology and manufacturing company, announced the pricing of its public offering of 5,175,000 common shares at $2.15 per share, expected to raise approximately $11.1 million. If an additional option to sell more shares is fully exercised, the total could increase to $12.8 million.
The company says it intends to use the net proceeds to meet conditions for a loan from the Export-Import Bank of the United States, repay existing debts, cover refinancing costs and pay for part of the purchase of a manufacturing facility in Jamestown, New York.
The offering is expected to close on or about December 18, 2024, subject to customary closing conditions, including listing on the Toronto Stock Exchange and Nasdaq Capital Market. Roth Capital Partners is the sole book-running manager, with Raymond James Ltd. and Craig-Hallum Capital Group LLC as co-lead managers.
The offering is made under a shelf registration statement filed with the Securities and Exchange Commission (SEC) and qualified for distribution in Canada, excluding Québec. Prospective investors can access the prospectus on the SEC and SEDAR+ websites.
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The offering is being made in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the Securities and Exchange Commission (SEC) on September 25, 2024 in accordance with the Multijurisdictional Disclosure System established between Canada and the United States, and will be qualified for distribution in the provinces and territories of Canada by way of a prospectus supplement to the Company’s base shelf prospectus dated September 17, 2024, provided that no securities will be sold in the Province of Québec.
Electrovaya to raise $11.1 million through public offering of common shares
Electrovaya Inc., an Ontario-based lithium-ion battery technology and manufacturing company, announced the pricing of its public offering of 5,175,000 common shares at $2.15 per share, expected to raise approximately $11.1 million. If an additional option to sell more shares is fully exercised, the total could increase to $12.8 million.
The company says it intends to use the net proceeds to meet conditions for a loan from the Export-Import Bank of the United States, repay existing debts, cover refinancing costs and pay for part of the purchase of a manufacturing facility in Jamestown, New York.
The offering is expected to close on or about December 18, 2024, subject to customary closing conditions, including listing on the Toronto Stock Exchange and Nasdaq Capital Market. Roth Capital Partners is the sole book-running manager, with Raymond James Ltd. and Craig-Hallum Capital Group LLC as co-lead managers.
The offering is made under a shelf registration statement filed with the Securities and Exchange Commission (SEC) and qualified for distribution in Canada, excluding Québec. Prospective investors can access the prospectus on the SEC and SEDAR+ websites.
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The offering is being made in the United States pursuant to a shelf registration statement (including a prospectus supplement thereto) previously filed with and declared effective by the Securities and Exchange Commission (SEC) on September 25, 2024 in accordance with the Multijurisdictional Disclosure System established between Canada and the United States, and will be qualified for distribution in the provinces and territories of Canada by way of a prospectus supplement to the Company’s base shelf prospectus dated September 17, 2024, provided that no securities will be sold in the Province of Québec.
Lion Electric defaults on debt, plans to seek creditor protection
Lion Electric, a Quebec-based manufacturer of electric trucks and buses, says it expects to seek protection from creditors under the Companies’ Creditors Arrangement Act.
The company says it has defaulted on its debt and is in talks with its senior lenders to obtain additional funds for a new debtor-in-possession credit facility.
It says it plans to restructure its business and pursue a formal sales and investment solicitation process.
In early December, Lion Electric announced it had reached an agreement to sell its Mirabel, Que., innovation center for $50 million and would use the proceeds to pay down its debt.
The company temporarily laid off 400 employees and shut down production at its Illinois plant earlier this month after getting a two-week reprieve from its lenders to explore its alternatives.
The company said at that time that its 300 remaining employees would focus on bus manufacturing, sales and delivery.
Trading in Lion Electric shares on the Toronto Stock Exchange was halted for failure to maintain exchange requirements.
- With additional files from TruckNews.com
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