GreenPower Motor Company Inc. Announces Exchange of Term Loans for Series B Convertible Preferred Shares

GreenPower Motor Company Inc. has announced the exchange of term loans owed to a related party for 1,200 Series B Convertible Preferred Shares. The total stated value of these shares is US$1,200,000, with a purchase price of US$1,140,000. These shares carry a 9% annual dividend and are convertible into common shares at US$1.975 per share, subject to adjustments. This transaction is expected to increase the Company's shareholder equity. The exchange is considered a related party transaction under MI 61-101 but is exempt from formal valuation and minority approval requirements due to specific exemptions. All issued securities are subject to a statutory four-month hold period. Additionally, the filing details the significant shareholding of Fraser Atkinson, an insider, and his associated entities, outlining their current and potential future ownership percentages after the conversion of various convertible securities. Atkinson intends to monitor the company's performance and market conditions, with the possibility of acquiring or disposing of further securities.