Energy
Monday, July 22nd, 2024 2:54 pm EDT
Key Points
- Second Tranche of Private Placement Closed: Solar Alliance Energy Inc. has completed the second tranche of its non-brokered private placement, raising $450,000 by selling nine million units at five cents per unit. Each unit includes one common share and one purchase warrant, allowing the purchase of additional shares at seven cents each for three years.
- Use of Proceeds and Conditions: The funds from this offering will be used for general corporate and working capital purposes. The completion of the offering is subject to approvals from the TSX Venture Exchange and relevant securities regulatory authorities. The units sold are not subject to a hold period due to the use of the listed issuer financing exemption.
- Company Focus and Strategy: Solar Alliance Energy specializes in the commercial, utility, and community solar sectors, providing clean energy solutions and reducing customer vulnerability to energy cost increases. The company builds, owns, and operates solar assets and is expanding its solar project pipeline, currently owning two solar projects in New York.
Solar Alliance Energy Inc., further to its news release of May 14, 2024, and June 27, 2024, has closed the second tranche of its non-brokered private placement of up to 20 million units of the company at a price of five cents per unit for gross proceeds of up to $1-million. An aggregate of nine million units were sold under the second tranche for second tranche gross proceeds of $450,000.
Each unit comprises one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at an exercise price of seven cents per warrant share at any time for a period of 36 months following the closing of the applicable tranche of the offering. Closing of the third tranche of the offering is expected to be on or before July 31, 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 is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities.
The units sold under the second tranche were offered by way of the listed issuer financing exemption under National Instrument 45-106, Prospectus Exemptions, 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 on SEDAR+ and on the company’s website. Prospective investors should read this offering document before making an investment decision.
About Solar Alliance Energy Inc.
Solar Alliance is an energy solutions provider focused on the commercial, utility and community solar sectors. The company’s 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 its 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 is actively pursuing opportunities to grow its ownership pipeline. The technical and operational synergies from this combined business model support sustained growth across the solar project value chain from design, engineering, installation, ownership and operations/maintenance.
We seek Safe Harbor.
