VANCOUVER, BC--(Marketwired - July 07, 2017) -
** NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES **
Solar Alliance Energy, Inc. ('Solar Alliance') or (the 'Company') (TSX VENTURE: SAN) (SAENF) advises that further to the news release of April 10, 2017, the Company has received TSX Venture Exchange approval to close a non-brokered private placement of $560,000, consisting of 4,666,666 Units and a brokered private placement of $288,000 consisting of a further 2,400,000 Units, for a total of 7,066,666 Units. The Units being issued pursuant to the non-brokered and brokered closing were sold at $0.12, with each Unit comprising one (1) common share and one (1) share purchase warrant ("Warrant") with an exercise price of $0.18 and a term of 3 years.
The non-brokered placement represents an investment of $800,000 from a former director of the Company expanding his holding to just under 10% of the issued stock. Once the former director has completed required filings with the TSX Venture Exchange, the Company will close a further 2,000,000 Units bringing the former director above the 10% insider threshold.
This closing, in addition to the offerings in April and June, brings the aggregate financing proceeds to $3,003,000. The Company advises that all brokered and non-brokered private placements related to the April 10, 2017 news release have now been completed.
Jason Bak, Chairman & CEO, states, "The Company thanks these investors, and in particular our former director, for their belief in the direction we have charted. We are excited to progress with our next steps in creating shareholder value."
The brokered portion of the placement was completed with Echelon Wealth Partners Inc. as sole agent (the "Agents"). As compensation for their services, the Agents received a corporate finance fee of $10,000 and 166,667 shares of the Company. The Agents also received a commission of $23,040 and 192,000 agents warrants at a price of $0.18 per share for a period of three years from closing of the financing.
All securities issued pursuant to the offering will be subject to a statutory hold period expiring four months and one day after issuance under the offering.
Jason Bak
Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.