GreenPower Announces Closing of Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, May 07, 2019 (GLOBE NEWSWIRE) -- GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) ("GreenPower" or the "Company") announces that is has received subscriptions for US $4 million of a previously announced brokered private placement and closed the first tranche of 12,131,147 units of the Company (each a "Unit") for gross proceeds of US $3.7 million (the "Offering"). The Company has an additional subscription to close for US $0.3 million. The Company intends to use the proceeds from the Offering to fund the production of all-electric buses, demonstration buses, equipment, working capital and general corporate purposes.

The Offering consists of units (each, a "Unit") at a price of CDN $0.408 per Unit for gross proceeds of US $3.7 Million with each Unit consisting of one common share (each, a "Share") and one-half share purchase warrant (each, a "Warrant"). Each full Warrant will be exercisable into one Share for a period of four years at an exercise price of CDN $0.51 per Share.

Think Equity, a division of Fordham Financial Management, Inc., acted as placement agent for the Offering and the Company has agreed to pay placement agent's fees of US $259,000 in connection with the closing of the first tranche.

All of the Shares and Warrants issued in the Offering, and any Shares issued upon exercise of the Warrants, are subject to resale restrictions imposed by applicable laws or regulation, including a statutory hold period expiring four months and one day from the date of closing of the Offering.

None of the securities issued in connection with the Offering will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

About GreenPower Motor Company Inc.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. © 2019 GreenPower Motor Company Inc. All rights reserved.