Taiga Motors Announces Option Exercised on Private Placement of Secured Convertible Debentures and Raises an Additional $6.6 Million

MONTREAL, April 27, 2023 /CNW/ - Taiga Motors Corporation ("Taiga" or the "Company") (TSX: TAIG), a leading electric off-road vehicle manufacturer, announced today that, following the exercise of the option that had been granted to Northern Private Capital (together with its affiliates and funds managed by it, "NPC") in connection with its private placement of $40.15 million aggregate principal amount of 10% secured convertible debentures due March 31, 2028 (the "Debentures") that closed on March 24, 2023 (collectively, the "Private Placement"), it has raised an additional $6.6 million in gross proceeds by issuing additional Debentures (the "Additional Debentures") to NPC and Investissement Québec ("IQ", and together with NPC, the "Investors"), with each of the Investors having subscribed for $3.3 million of the Additional Debentures. Other than the amount of the initial interest payment, the Additional Debentures carry the same terms as the Debentures issued on March 24, 2023.

"The exercise of the option to acquire the Additional Debentures is further evidence of Taiga's business plan and the opportunity we have to transform powersports with our award-winning electric snowmobile and personal watercraft," said Samuel Bruneau, Chief Executive Officer and Co-Founder of Taiga Motors. "With the support of partners like Northern Private Capital and Investissement Québec, who have collectively provided us with $46.8 million of capital in 2023, we're pushing further ahead with our mission and continuing to ramp up deliveries for our eagerly awaiting customers," added Mr. Bruneau.

With the option now having been exercised, this marks the completion in its entirety of the private placement of the Debentures announced in March 2023.

About Taiga

Taiga (TSX: TAIG) is a Canadian company reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. For more information, visit www.taigamotors.com.

Forward Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to,  our objectives and the strategies to achieve these objectives, expectations regarding market trends, the Company's growth rates, the Company's future objectives and strategies to achieve those objectives, including, without limitation, organic growth and future acquisitions, expected timelines for achieving mass production capabilities, the ramp-up of its current facility and development of its second facility, expected deliveries, the ability to obtain sufficient financing and the associated manufacturing benefits in respect thereof, including increased capacity as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", as well as the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases.

Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes.

Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the effective further supply chain disruptions, and the impact of such disruptions on ability to fulfil orders, pre-orders for the Company's vehicles being cancelled and those described in the Company's management's discussion and analysis for the three and twelve-month periods ended December 31, 2022, and under the "Risk Factors" section of the Company's annual information form filed on March 30, 2023 on the Company's SEDAR profile at sedar.com. Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.

All of the forward-looking information contained in this press release is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

SOURCE Taiga Motors Corporation

Investor Relations: Shahroz Hussain, [email protected]