Power Sustainable announces the exercise of options to acquire shares of Lion Electric

MONTREAL, June 5, 2021 /CNW Telbec/ - Power Sustainable Capital Inc. ("Power Sustainable") today announced the exercise (the "Transaction"), through its wholly-owned subsidiary Power Energy Corporation ("PEC"), of options to acquire common shares ("Shares") of the Lion Electric Company ("Lion") from certain shareholders of Lion.

The Transaction will be completed pursuant to a previously announced agreement dated November 27, 2020 among PEC and other shareholders of Lion under which such shareholders granted to PEC options to acquire up to 13,212,480 Shares ("PECOptions"), subject to certain terms and conditions. Pursuant to the exercise of 10,941,585 PEC Options, PEC will acquire 8,891,812 Shares, on a cashless net settlement basis. Before the Transaction, Power Sustainable held 58,409,354 Shares, which represented approximately 30.99% of the issued and outstanding Shares on a non-diluted basis. Following the Transaction, Power Sustainable will beneficially own and exercise control over 67,301,166 Shares, which will represent approximately 35.70% of the issued and outstanding Shares on a non-diluted basis and, assuming the exercise in full of the remaining PEC Options (representing up to an additional 2,270,895 Shares), approximately 36.91% of the issued and outstanding Shares.

Power Sustainable, through PEC, holds the Shares and the PEC Options for investment purposes and, pursuant to nomination rights granted to PEC by Lion, has designated certain nominees to serve on Lion's board of directors. Power Sustainable may increase or decrease its investment in Lion through a prospectus offering, on the open market, in private transactions, pursuant to registration rights that have been granted to PEC by Lion, or otherwise, on such terms and at such times as Power Sustainable may deem advisable depending on market conditions and other relevant factors, including expiry of a 180-day lock-up period agreed to with Lion.

For further information or to obtain a copy of the corresponding early warning report, which is also available under Lion's profile on www.sedar.com, please contact:

Delia Cristea
General Counsel and Secretary
Power Sustainable Capital Inc.
751 Victoria Square
Montreal, Québec
H2Y 2J3
Tel.: (514) 286-7400

About Power Sustainable

Power Sustainable is a global multi-platform alternative asset manager. Along with our partners we invest in and champion significant, sustainable projects to benefit our societies and create long-term value for all. We currently operate three distinct platforms: Power Sustainable China builds on decades of relationships in China to invest in sustainable business models; Energy Infrastructure invests in the development, construction, and operations of renewable energy infrastructure assets across North America; and Clean Energy Private Equity holds investments in Lion and Lumenpulse. Power Sustainable has offices in Montréal, Toronto, Shanghai, Beijing and New Jersey and is a wholly owned subsidiary of Power Corporation of Canada. For more information, visit www.powersustainable.com.

Power Sustainable relies on Part 5 of National Instrument 62-103 in respect of aggregation relief relating to any securities that may be held by Great-West Lifeco Inc. and its subsidiaries, IGM Financial Inc. and its subsidiaries, and any investment fund managed by entities within the Power Corporation of Canada group of companies.

Lion's head office is located at 921 chemin de la Rivière-du-Nord, Saint-Jérôme, Québec, Canada, J7Y 5G2.

SOURCE Power Sustainable Capital Inc.