Solar Alliance announces closing of first tranche of private placement
June 27 2024 - 10:00AM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR), a leading solar energy solutions
provider focused on the commercial and industrial solar sector, is
pleased to announce that, further to its news release of May 14,
2024, it has closed the first tranche (the “
First
Tranche”) of its non-brokered private placement of up to
20,000,000 units of the Company (the “
Units”) at a
price of C$0.05 per Unit for gross proceeds of up to C$1,000,000
(the “
Offering”). An aggregate of 4,000,000 Units
were sold under the First Tranche for total gross proceeds of
C$200,000.
In addition, the Company also announces that it
has received an extension from the TSX Venture Exchange (the
“Exchange”) to close the Offering until July 22,
2024 (the “Extension”).
Each Unit is comprised of one (1) common share
of the Company (a “Common Share”) and one (1)
Common Share purchase warrant (a “Warrant”). Each
Warrant entitles the holder thereof to acquire one (1) Common Share
(a “Warrant Share”) at an exercise price of C$0.07
per Warrant Share at any time for a period of thirty-six (36)
months following the closing of the First Tranche. Closing of the
second tranche of the Offering is expected to be on or before July
22, 2024 or such other date or dates that the Company may
determine.
The Company intends to use the net proceeds from
the Offering for general corporate and working capital purposes.
Completion of the Offering and the Extension are subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals, including the approval of the TSX Venture
Exchange (the “TSXV”) and applicable securities
regulatory authorities.
The Units sold in the First Tranche were offered
by way of the “listed issuer” financing exemption (the
“Listed Issuer Exemption”) under National
Instrument 45-106 – Prospectus Exemptions (“NI
45-106”) and therefore are not subject to a hold period
under applicable Canadian securities laws.
There is an offering document related to the
Offering that can be accessed under the Company’s profile at
www.sedarplus.ca and on the Company’s website at
www.solaralliance.com. Prospective investors should read this
offering document before making an investment decision.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold within the United States or to or for the account or benefit
of a U.S. person (as defined in Regulation S under the United
States Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
Myke Clark, CEO
For more information: |
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Investor RelationsMyke Clark,
CEO416-848-7744mclark@solaralliance.com |
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About Solar Alliance Energy Inc.
(www.solaralliance.com)
Solar Alliance is an energy solutions provider
focused on the commercial, utility and community solar sectors. Our
experienced team of solar professionals reduces or eliminates
customers' vulnerability to rising energy costs, offers an
environmentally friendly source of electricity generation, and
provides affordable, turnkey clean energy solutions. Solar
Alliance’s strategy is to build, own and operate our own solar
assets while also generating stable revenue through the sale and
installation of solar projects to commercial and utility customers.
The Company currently owns two operating solar projects in New York
and actively pursuing opportunities to grow its ownership pipeline.
The technical and operational synergies from this combined business
model supports sustained growth across the solar project value
chain from design, engineering, installation, ownership and
operations/maintenance.
Statements in this news release, other than
purely historical information, including statements relating to the
Company's future plans and objectives or expected results,
constitute Forward-looking statements. The words “would”, “will”,
“expected” and “estimated” or other similar words and phrases are
intended to identify forward-looking information. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the Company’s actual results,
level of activity, performance or achievements to be materially
different than those expressed or implied by such forward-looking
information. Such factors include but are not limited to:
statements, projections and estimates with respect to the Offering
and Extension, including the terms, timing and completion thereof,
the use of proceeds of the Offering, the resale restrictions of the
securities issued pursuant to the Offering, the issuance of the
Units pursuant to the Listed Issuer Exemption uncertainties related
to the ability to raise sufficient capital; changes in economic
conditions or financial markets; litigation, legislative or other
judicial, regulatory, legislative and political competitive
developments; technological or operational difficulties; the
ability to maintain revenue growth; the ability to execute on the
Company’s strategies; the ability to complete the Company’s current
and backlog of solar projects; the ability to grow the Company’s
market share; the high growth US solar industry; the ability to
convert the backlog of projects into revenue; the expected timing
of the construction and completion of the 565-kW and 872 KW
Tennessee solar project; the ability to predict and counteract the
effects of COVID-19 on the business of the Company, including but
not limited to the effects of COVID-19 on the construction sector,
capital market conditions, restriction on labour and international
travel and supply chains; potential corporate growth opportunities
and the ability to execute on the key objectives in 2024.
Consequently, actual results may vary materially from those
described in the forward-looking statements.
“Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release."
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