Vancouver, Canada, & Knoxville, Tennessee, January 27, 2020 – Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) has applied to the TSX Venture Exchange (the ‘Exchange’) to amend the expiry dates of three groups of outstanding common share purchase warrants (“Warrants’). The exercise price on the Warrants will not change from $0.05. Group one is 2,783,333 outstanding Warrants issued pursuant to a private placement that closed on February 28, 2019. The original expiry date of these Warrants would have been February 28, 2020 and the amended expiry date will be February 28, 2022. Group two is 1,070,000 outstanding Warrants issued pursuant to a private placement that closed on March 14, 2019. The original expiry date of these Warrants would have been March 14, 2020 and the amended expiry date will be March 14, 2022. The third group is 11,121,265 outstanding Warrants issued pursuant to a private placement that closed on April 8, 2019. The original expiry date of these Warrants would have been April 8, 2020 and the amended expiry date will be April 8, 2022
The proposed amendments are subject to the acceptance by the Exchange.
In addition, the Company will seek Exchange approval to issue a total of 2,233,333 common shares, at a price of $0.05 per share, to two companies controlled by officers of the Company as settlement of $36,666.65 consulting fees for the two months ending September 30, 2019 and $75,000 consulting fees for the six months ending January 31, 2020 for an aggregate of $111,666.65.
With effect on February 1, 2020, Solar Alliance has engaged Marrelli Support Services Inc. (“Marrelli”) for CFO services and their affiliate DSA Corporate Services Inc. (“DSA”) for corporate secretarial services. The Board of Directors has appointed Christina Wu to the role of Chief Financial Officer and Monique Hutchins to the role of Corporate Secretary to replace Dan O’Brien and Doris Meyer of Golden Oak Corporate Services Ltd. in those roles.
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 wind and solar projects with a combined capital cost exceeding $1 billion 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.”