Electrameccanica Vehicles Corp. announced a private placement of 3,037,500 units at a price of CAD 0.40 per unit for gross proceeds of CAD 1,215,000 on January 22, 2016. Each unit consists of one common share and one non-transferable common share purchase warrant with each warrant entitling the subscriber to acquire one additional share at a price of CAD 1 per warrant share until January 22, 2021.