Mr. John LaGourgue reports

VICINITY MOTOR CORP. ANNOUNCES CAD$2 MILLION LOAN

Vicinity Motor Corp. has entered into an unsecured loan agreement to borrow an aggregate $2-million from two arm's-length parties.

The company has entered into a 12-month term loan agreement to borrow $2-million. The loan bears simple interest of 12 per cent, of which the principal and interest are due 12 months from the advance date of the loan. The company may prepay the loan at any time without penalty. As further consideration to the lenders for making the loan, the company has agreed to issue 800,000 bonus warrants exercisable into common shares at a price of $1.15 per common share for 12 months. The bonus warrants and any common shares issued on exercise thereof will bear a hold period of four months and one day from the date of issuance of the bonus warrants. The issuance of the bonus warrants is subject to the company's receipt of TSX Venture Exchange approval.

About Vicinity Motor Corp.

Vicinity Motor is a North American supplier of electric vehicles for both public and commercial enterprise use. The company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG (compressed natural gas) and clean-diesel Vicinity buses as well as the VMC 1200 electric truck to the transit and industrial markets.

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