MONTREAL, March 11, 2024 /CNW/ - Taiga Motors Corporation (TSX: TAIG) ("Taiga" or the "Company"), a leading electric off-road vehicle manufacturer, today announced that Export Development Canada ("EDC") has agreed to upsize its existing senior secured credit facility available to Taiga by providing up to approximately $5.25 million of additional funding (the "Upsized EDC Credit Facility") for working capital and general corporate purposes through an amended and restated loan agreement (the "A&R Loan Agreement"), such as supporting its omnichannel retail and dealer network growth.

"EDC's continued support of and confidence in Taiga comes at an important time as we ramp up the sales of our award-winning electric personal watercraft (PWC) and snowmobiles in North America and key global markets. The Upsized EDC Credit Facility will enable Taiga to better manage its working capital and to support our network growth as we continue to expand our international sales and operations." stated Sam Bruneau, CEO and Co-Founder of Taiga.

As of the date of this press release, Taiga has drawn down $3.75 million of additional funding under the Upsized EDC Credit Facility. In addition, EDC may decide, in its sole discretion, whether to advance to the Company up to $1.5 million of additional funding under the A&R Loan Agreement. Borrowings under the Upsized EDC Credit Facility bear interest at the prevailing annual Canadian prime rate plus 7.00% and they mature and are repayable on December 31, 2024.  The A&R Loan Agreement also contains limited affirmative and negative covenants and other customary provisions and mandatory repayment events (including certain financial covenants relating to current ratios and cashflows from operation) and events of default.

Production Update

During the fourth quarter of 2023, Taiga continued to make progress on further ramping up operations, producing 417 units, its highest throughput in a quarter notwithstanding a line change from PWC to Snowmobile and the Annual Holidays shutdown. During the quarter, Taiga produced 243 Orca^TM PWC and 174 Nomad^TM snowmobiles. We are very proud to announce that our 2023 production totaled 1,056 vehicles, demonstrating a significant growth in production capacity over the 133 vehicles produced in 2022.

About Taiga

Taiga (TSX: TAIG) is a Canadian company reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. For more information, visit www.taigamotors.com.