The company says the financings include the issuance of US$74 million in senior unsecured convertible debentures to a group of subscribers including Investissement Quebec, Fonds de solidarite des travailleurs du Quebec and Fondaction.
Lion Electric is also issuing $90 million in senior secured non-convertible debentures to a group of subscribers led by Mach Group and the Mirella and Lino Saputo Foundation as well as 22.5 million common share purchase warrants with an exercise price of $2.81 per share.
Shares in the company closed up 20 cents, or more than seven per cent, at $2.98 Monday on the Toronto Stock Exchange.
Lion Electric designs and builds all-electric trucks, buses and minibuses.
It says it plans to use the cash raised to fund working capital, strengthen its financial position and pursue its growth strategy.