Solar Alliance announces closing private placement
July 31 2024 - 7:01PM
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 announced that, further to its news release of May 14,
2024, June 27, 2024 and July 19, 2024, it has closed the third and
final tranche (the “
Third Tranche”) of its
non-brokered private placement of 14,000,000 units of the Company
(the “
Units”) at a price of C$0.05 per Unit for
gross proceeds of C$700,000 (the “
Offering”). An
aggregate of 1,000,000 Units were sold under the Third Tranche for
Third Tranche gross proceeds of C$50,000.
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 applicable tranche of the
Offering.
The Company intends to use the net proceeds from
the Offering for general corporate and working capital purposes.
The Offering is 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 under the Offering 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 all securities issued and issuable
under the Offering 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: |
Investor RelationsMyke Clark,
CEO416-848-7744mclark@solaralliance.com |
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,
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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