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Solar Alliance Energy arranges $5-million financing
2017-04-10 08:22 ET - News Release
Mr. Jason Bak reports
SOLAR ALLIANCE ANNOUNCES PRIVATE PLACEMENT
Solar Alliance Energy Inc. has engaged Echelon Wealth Partners Inc. as sole agent to undertake a brokered private placement financing, on a commercially reasonable basis, of up to 31.25 million units at a price of 16 cents per unit for gross proceeds to the company of up to $5-million.
Each Unit will consist of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of $0.30 per Common Share for a period of two (2) years from the closing of the Offering.
The completion of the Offering is subject to a number of conditions, including, but not limited to, the execution of an agency agreement with Echelon in connection with the Offering and receipt of all required regulatory approvals, including approval of the TSX Venture Exchange (the "TSXV"). All securities issued pursuant to the Offering will be subject to a statutory hold period expiring four months and one day after issuance under the Offering.
Net proceeds of the Offering are anticipated to be used to fund the Company's previously announced expansion plans and for general working capital.
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
We seek Safe Harbor.
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