Business
Solar Alliance Closes Private Placement
VANCOUVER, BC / ACCESSWIRE / April 8, 2019 / Solar Alliance Energy Inc. (‘Solar Allian...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Closes Private PlacementVANCOUVER, BC / ACCESSWIRE / April 8, 2019 / Solar Alliance Energy Inc. (‘Solar Alliance') or (the ‘Company') (TSX-V: SOLR) is pleased to announce it has closed the final tranche of its non-brokered private placement offering (the \"Offering\") announced on February 11, 2019. The Company issued an aggregate of 11,121,265 Units for gross proceeds of $333,638 in this third and final tranche. The Company issued a total of 14,974,598 units for gross proceeds of $449,238 in all three tranches. All securities issued and issuable are subject to a four month hold period from the date of issue.\"The proceeds of this private placement will allow Solar Alliance to move forward with the marketing and rollout of our SunBox residential solar product, which includes battery storage and an optional electric vehicle charger,\" said CEO Myke Clark. \"The recent announcement that Solar Alliance is now a Tesla Charger Approved Vendor has driven significant interest in the SunBox product as customers see the value of including an electric vehicle charger with a residential solar system. We are pleased to close this placement which provides the basis to carry out our growth plans and create long term value for shareholders,\" concluded Clark.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 Investor Relations Myke Clark, CEO (604) 288–9051 [email protected] 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 Ca...