VANCOUVER, BC--(Marketwired - September 26, 2017) - GreenPower Motor Company Inc. (TSX VENTURE: GPV) (GPVRF) ("GreenPower" or the "Company") announces the closing of the first tranche of the non-brokered private placement of convertible debentures (the "Debentures") for gross proceeds of $1,476,000 (the "Financing"). Three of the directors of the Company participated in Financing for aggregate proceeds of $1,425,000. The Company is seeking approval from the TSX Venture Exchange (the "Exchange") to increase the amount of the Financing from $2,000,000 to $3,000,000.

The terms of the Debentures include:

• the Debentures mature four years after issuance (the "Maturity Date"), and the principal amount of the Debentures, together with accrued and any unpaid interest, will be payable on the Maturity Date;

• the Debentures bear interest ("Interest") at the greater of 8% per annum or BMO bank prime rate of lending plus 2.5% per annum, which Interest will be payable monthly in cash;

• the principal amount of the Debentures is convertible into common shares of the Company (each, a "Share") at a price of $0.40 per Share at any time until the Maturity Date;

• the Company has issued 3,690,000 non-transferrable common share purchase warrants (each, a "Warrant"), with each Warrant exercisable into one Share for a period of four years at an exercise price of $0.50 per Share, subject to adjustment; and

• the Company may, at any time after the second anniversary of the issuance date and prior to the Maturity Date, repay the principal amount and any accrued and unpaid Interest of the Debentures.

The Shares issuable upon conversion of the Debentures or exercise of the Warrants are subject to a statutory hold period expiring on January 26, 2018. The closing of Financing has been approved by the Exchange.

After paying the costs of the Financing, the net proceeds will be primarily used for the production of EV350 all-electric transit buses connected to its previously announced order from the City of Porterville.

Pursuant to Part 3.1 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, on September 22, 2017, Koko Financial Services Ltd. ("Koko"), a company controlled by Fraser Atkinson ("Atkinson"), the Company's Chairman and a director of the Company, acquired an aggregate of $225,000 in Debentures and 562,500 Warrants and trusts (the "Trusts"), where Atkinson acts as the trustee, acquired an aggregate of $50,000 Debentures and 125,000 Warrants in the Financing. Prior to the Financing, Atkinson owned 4,730,750 Shares directly, 200,000 Shares indirectly through the Atkinson Family Trust, $730,000 in debentures and 4,127,250 Shares indirectly through Koko, 2,565,044 stock options and 40,000 warrants directly and 769,000 warrants indirectly through Koko (representing 15.20% of the issued and outstanding Shares on a partially diluted basis assuming exercise of all warrants and options). Upon completion of the Financing, Atkinson owned 4,730,750 Shares directly, 200,000 Shares indirectly through the Atkinson Family Trust, 4,127,250 Shares indirectly through Koko, $955,000 in debentures indirectly through Koko, $50,000 in debentures indirectly through the Trusts, 1,331,500 in warrants indirectly through Koko, 125,000 Warrants indirectly through the Trusts, 2,565,044 stock options and 40,000 warrants directly (representing 13.27% of the issued and outstanding Shares on a partially diluted basis assuming exercise of all warrants and options and conversion of the debentures). Countryman Investments Ltd. ("Countryman"), a company controlled by David Richardson ("Richardson"), a director of the Company, acquired an aggregate of $1,000,000 in Debentures and 2,500,000 Warrants in the Financing. Prior to the Financing, Richardson owned 125,500 Shares and 705,000 stock options directly and 7,827,716 Shares, $1,000,000 in debentures and 1,538,000 in warrants held indirectly through Countryman (representing 11.06% of the issued and outstanding Shares on a partially diluted basis assuming exercise of all warrants and options). Upon completion of the Financing, Richardson owned 125,500 Shares and 705,000 options directly, 7,827,716 Shares, $2,000,000 in debentures and 4,038,000 in warrants held indirectly through Countryman (representing 12.57% of the issued and outstanding Shares on a partially diluted basis assuming exercise of all warrants and options and conversion of the debentures).