Vancouver, Canada, & Knoxville, Tennessee, August 6th, 2019 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF)is pleased to announce that management and insiders of the Company will participate as lead investors in a $300,000 private placement.
“Management and insiders of the Solar Alliance are committed to the current business plan that has resulted in incredible growth year to date,” said CEO Myke Clark. “In order to unlock significant value in our project pipeline and manage increased sales, we are providing additional working capital to the Company. Insiders are confident in the continued growth and upside of Solar Alliance and will be participating in the private placement. In order to conserve cash, senior management is also converting accrued fees into shares so we can focus all of our resources on building out our pipeline as quickly as possible, growing our business and achieving profitability. As CEO, I am confident we are on the right track and I have committed to deferring any cash salary until we reach that profitability.”
The Company intends to issue up to 6,000,000 units (each a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $300,000 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 $0.07 per Share for a period of one year from the date of issue. CEO Myke Clark, Chairman Jason Bak and control shareholder Tom Anderson are expected to participate in the private placement.
The Company has reached agreement (“Debt Settlement Agreement”) with certain senior management to fully settle an aggregate of $163,333.33 of unpaid fees for shares in the Company. Pursuant to the Debt Settlement Agreement, the Company would issue up to 3,266,666 common shares of the Company at a deemed price of $0.05 per Share to CEO Michael Clark and Golden Oak Services, which provides CFO and Corporate Secretary services to Solar Alliance.
The Debt Settlement Agreement and the private placement are subject to the approval of the TSX Venture Exchange.
Myke Clark, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an 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.”