Alberta · Receivership (court-appointed)
Affidavit No. 1 of Mark Holleran
Affidavit · 4 November 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing3 verified
- secured creditorsnote: USD $14,950,000 is the stated principal amount of the Note Indenture (consistent with face value of debentures reported as at June 30, 2025 in the Company's financial statements, coupon 12% per annum, $897,000 semi-annual interest, maturity December 31, 2027). Of this, the Lender (NBIMC) holds a principal amount of USD $6,840,000 under the Amended and Restated Note Indenture dated July 11, 2025; particulars of interest and other amounts due to be quantified and presented to the court. Noteholders (by requisite majority) resolved July 11, 2025 to direct Odyssey to execute the amendment. This financing is subordinated/postponed to the NBIMC Group's Secured Note Financing and Interim Facility under a Priority, Postponement and Standstill Agreement dated August 26, 2025. · page: 7 · as of: 2025-07-11 · amount: 14950000 · debtor: Exro Technologies Inc. (Exro Canada) · creditor: Noteholders under the Note Indenture (Indenture Financing) — trustee Odyssey Trust Company; includes the Applicant/Lender · currency: USD · security: Note Indenture originally dated December 30, 2022, amended and restated by Amended and Restated 2022 Convertible Note Indenture dated July 11, 2025
- secured creditorsnote: Interim Facility under loan agreement dated May 15, 2025 (joinder dated August 22, 2025), principal amount USD $30,000,000; balance stated is inclusive of principal, interest and certain other fees/costs/expenses and continues to accrue; amounts repayable on demand; Notice of Default/Demand and BIA s.244 Notice issued September 28, 2025; Exro Group remains in default. Under a Priority, Postponement and Standstill Agreement dated August 26, 2025, Odyssey Trust Company (trustee for Indenture Financing noteholders) postponed its priority to the NBIMC Group's Secured Note Financing and Interim Facility. The Lender is also a shareholder of Exro Canada (approx. 43,969,013 common shares, 13,710,506 preferred shares, 21,038,282 warrants) – related-party/insider overlap. · page: 8 · as of: 2025-10-30 · amount: 12863578.06 · debtor: Exro Group (Exro Technologies Inc., DPM Technologies Inc., Cellex Energy Inc., and the Exro Foreign Entities) as Borrowers · creditor: NBIMC Quantitative Strategies Fund – Class N (Applicant/Lender) · currency: USD · security: General Security Agreements dated May 25, 2025 from Exro Technologies Inc., DPM Technologies Inc. and Cellex Energy Inc.; Intellectual Property Security Agreement dated August 29, 2025; security perfected by registration in the Alberta Personal Property Registry (search dated September 5, 2025)
- secured creditorsnote: Affidavit does not quantify this debt ("particulars ... to be quantified and presented to the court"). Exhibited financial statements/MD&A state an exact dated balance: as at June 30, 2025 the Company's senior secured promissory notes had a face value plus accrued interest of USD $73,017,750 (CAD $104,789,965 equivalent), due between March and April 2028, coupon 12% per annum compounded semi-annually. As at December 31, 2024, the comparable figure was USD $63,530,599 (CAD $91,369,707), due March 12, 2028. These notes were originally assumed by Exro Canada on April 5, 2024 in connection with the SEA Electric acquisition and subsequently increased by further draws matching the same dates described in the affidavit as the "Secured Note Financing" (Jan 29, Feb 11, Mar 12, Apr 9 and Apr 28, 2025), indicating this is the same facility. · page: 20 · as of: 2025-06-30 · amount: 73017750 · debtor: Exro Technologies Inc. (Exro Canada) · creditor: NBIMC Group (the Applicant/Lender and related lending entities) — Secured Note Financing / senior secured promissory notes · currency: USD · security: Secured financing pursuant to various promissory notes issued by Exro Canada to the Lender and related NBIMC Group entities, advanced on various dates between April 5, 2024 and April 28, 2025 (the affidavit states particulars of principal, interest and other amounts due to be quantified and presented to the court at page 7)