- Solar Alliance Energy (SOLR) announces it has closed the marketed private placement of 13,696,500 units of the company at C$0.42 per unit for gross proceeds of C$5,752,530
- The offering was led by Echelon Wealth Partners and a syndicate of agents appointed by Echelon
- Solar Alliance Energy will use the net proceeds from the sale to fund expansion of the company’s solar business and for working capital purposes
- The company’s CEO Michael Clark participated in the offering through the acquisition of 184,000 units for the aggregate price of C$77,280
- Solar Alliance Energy is an energy solutions provider focused on residential, commercial and industrial solar installations
- Solar Alliance Energy is down 9.68 per cent and is currently trading at C$0.56
Solar Alliance Energy has closed its $5.7 million marketed private placement of 13,696,500 units.
Solar Alliance Energy (SOLR) announces it has closed the marketed private placement of 13,696,500 units at C$0.42 per unit for gross proceeds of C$5,752,530.
The offering was led by Echelon Wealth Partners and a syndicate of agents appointed by Echelon.
Solar Alliance has granted the agents an option to purchase up to an additional 15% of the offering in units. The agents have exercised the option in full and the number of units sold under the offering as reported above includes the units sold pursuant to the agents’ option.
Each unit consists of one common share of Solar Alliance and one common share purchase warrant.
Each warrant is exercisable to acquire one common share at a price of C$0.60 for a period of 24 months from the closing date of the offering.
The agents have received a cash commission of 7.0% of the gross proceeds of the offering and that number of non-transferable compensation options as is equal to 7.0% of the aggregate number of units sold under the offering.
Each compensation option is exercisable into one common share of the company at C$0.60 per common share for a period of 24 months from the closing date of the offering.
According to Michael Clark, CEO of Solar Alliance,
“This financing provides Solar Alliance with the capital to take advantage of the massive opportunity in the solar industry. We have built an organization that has experienced strong year over year growth and the prospects moving forward are incredibly exciting. Our pipeline and backlog of projects continue to grow and this capital will allow us to accelerate future strategic initiatives.”
Solar Alliance will use the net proceeds from the sale to fund expansion of the company’s solar business and for working capital purposes.
CEO Michael Clark participated in the offering through the acquisition of 184,000 units for the aggregate price of C$77,280.
Closing of the offering has been conditionally approved by the TSXV, with final acceptance subject to the fulfillment of the customary requirements of the TSXV.
The securities offered have not been registered under the U.S. Securities Act of 1933.
Solar Alliance Energy is an energy solutions provider focused on residential, commercial and industrial solar installations. The company operates in Tennessee, Kentucky, Illinois and North/South Carolina and has an expanding pipeline of solar projects.
Solar Alliance Energy is down 9.68 per cent and is currently trading at C$0.56 as of 3:09 pm EST.
