On March 24, 2023, Taiga Motors Corporation, a leading electric off-road vehicle manufacturer, announced the closing of a private placement of $40.15 million aggregate principal amount of 10% secured convertible debentures, following a robust process to identify financing options and secure sufficient capital to fund the ongoing ramp-up of its business operations.
The entirety of the private placement was subscribed for by two institutional investors, with existing significant shareholder Northern Private Capital and Investissement Québec having respectively subscribed for $25.15 million and $15 million secured convertible debentures.
Having been negotiated on an arm's-length basis, the private placement represents the culmination of an extensive review of various options and alternatives by the company, which subsequently resulted in the formation of a Special Committee of independent members of the Board of Directors of the company to oversee such process. Fasken was retained to provide advice to the Special Committee with regard to such process.
Fasken advised the Special Committee of the Board of Directors of Taiga Motors Corporation, with a team led by Marie-Josée Neveu that included Monica Dingle and Julien Fournier.
Jurisdiction
- Québec
