TUGA Innovations, Inc. announced a financing transaction
March 27, 2023
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TUGA Innovations, Inc. announced a non-brokered private placement of units on March 28, 2023. Each unit is comprised of one common share in the capital of the company and one-half of one transferrable purchase warrant. Each warrant will entitle the holder to purchase one additional common share in the capital of the company at CAD 0.11 per share for a period of 24 months following the closing of the transaction. All securities to be issued under the transaction will be subject to a four month and one day hold period expiring on July 29, 2023 in accordance with applicable Canadian securities laws. If during a period of 10 consecutive trading days between the date of issuance and the expiry of the Warrants, the daily volume weighted average trading price of the common shares of the company on the CSE exceeds CAD 0.30 for each of those ten consecutive days, the company may, at any time after such an occurrence, give written notice to the holders of the warrants that the warrants will expire at 4:00 p.m. on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the warrants will have 30 days to exercise their warrants. Any warrants which remain unexercised at 4:00 p.m. on the 30th day following the giving of such notice will expire at that time.
On the same date, the company issued 750,000 units at a price of CAD 0.06 per unit for aggregate gross proceeds of CAD 45,000 in its first tranche.
TUGA Innovations, Inc. is a Canada-based development-stage electric vehicle company. The Company is involved in the conception, design, and production of specialized electric vehicles (EVs). The Companyâs principal business activity is to reduce urban mobility difficulties by developing a three- wheeled, fully electric fore-and-aft two seat vehicles. From automotive design and production, architecture, marketing, virtual and augmented reality creation, through high-tech business development, the Company is focused on providing a suite of products and services. The Companyâs TUGA vehicle is being designed to deliver an estimated 160 kilometers (km) range, have an estimated top speed of 140 km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform. Its digital integration specifications include network, sensors, wireless and location, media and audio, camera, display, and storage.