Business
Solar Alliance Chairman Expands Holding as Company Closes First Tranche of Private Placement
VANCOUVER, BC and KNOXVILLE, TN / ACCESSWIRE / March 1, 2019 / Solar Alliance Energy Inc. ('S...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Chairman Expands Holding as Company Closes First Tranche of Private PlacementVANCOUVER, BC and KNOXVILLE, TN / ACCESSWIRE / 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, CEOFor more information:Solar Alliance Sales(865) 309-4674Solar Alliance Investor RelationsMyke Clark, CEO(604) 288–[email protected] Solar Alliance Energy Inc. (www.solaralliance.com)Solar Alliance is...