Vancouver, Canada, and Knoxville, Tennessee, March 1, 2019 – Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SOLR) is pleased to announce it has closed the first tranche of its non-brokered private placement offering (the “Offering”) announced on February 11, 2019. The Offering comprises the issuance of up to 16,666,667 units (each a “Unit”) at a price of $0.03 per Unit for gross proceeds of up to $500,000 through a non-brokered private placement. Each Unit will consist of one common share of the Company (each, a “Share”) and one Share purchase warrant (a “Warrant”). One Warrant will entitle the holder thereof to purchase one Share of the Company at a price of $0.05 per Share for a period of one year from the date of issue.
On February 28, 2019, the Company issued an aggregate of 2,783,333 Units for gross proceeds of $83,500. All securities issued and issuable are subject to a hold period in Canada expiring on July 1, 2019.
“Solar Alliance is executing a growth plan with the support of our majority shareholder and I believe strongly in the long-term success of the Company’s business. I acquired $76,000 of the Units and this expansion of my holdings further aligns my interests with the interests of our shareholders,” stated Jason Bak, Chairman.
Certain insiders of the Company (the “Purchasing Insiders”) are participating in the Offering. Pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), a purchase by the Purchasing Insiders would be a “related party transaction”. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(a) and 5.7(a), respectively, of MI 61-101, as neither the fair market value of the securities received by such parties nor the proceeds for such securities received by the Company exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101.
Myke Clark, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an international energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed $1 billion of wind and solar projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
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: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. 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.”