MONTREAL, March 24, 2023 /CNW/ - Taiga Motors Corporation ("Taiga" or the "Company") (TSX: TAIG), a leading electric off-road vehicle manufacturer, announced today that it has successfully closed its previously announced issuance, on a private placement basis, of $40.15 million aggregate principal amount of 10% secured convertible debentures due March 31, 2028 (the "Debentures") (collectively, the "Private Placement"). The entirety of the Private Placement was subscribed for by two institutional investors, Northern Private Capital (together with its affiliates and funds managed by it and its affiliates, "NPC") and Investissement Québec ("IQ", and together with NPC, the "Investors"), having respectively subscribed for $25.15 million and $15 million of the Debentures. The Company realized net proceeds of approximately $36 million after payment of transaction-related fees and expenses. Further details are set out in the Company's press release announcing the Private Placement issued on March 17, 2023.