Business
Solar Alliance Closes Shares for Debt and First Tranche of Private Placement
VANCOUVER, BC & KNOXVILLE, TN / ACCESSWIRE / August 27, 2019 / Solar Alliance Energy Inc....
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Closes Shares for Debt and First Tranche of Private PlacementVANCOUVER, BC & KNOXVILLE, TN / ACCESSWIRE / August 27, 2019 / Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSXV:SOLR)(OTC:SAENF) is pleased to announce it has closed the first tranche of its non-brokered private placement offering (the “Offering”) announced on August 6, 2019. The Offering comprises the issuance of up to 6,000,000 units (each a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $300,000. 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 $0.07 per Share for a period of one year from the date of issue.On August 22, 2019, the Company issued an aggregate of 2,405,000 Units for gross proceeds of $120,250. All securities issued and issuable are subject to a hold period in Canada expiring on December 23, 2019.On August 22, 2019, the Company has also issued 3,266,666 common shares at a price of $0.05 per common share to settle an aggregate of $163,333.33 of unpaid fees to CEO Michael Clark and Golden Oak Services, which provides CFO and Corporate Secretary services to Solar Alliance.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.Prior to closing tranche 1 of the Offering Tom Anderson beneficially owned and controlled an aggregate of 98,239,082 common shares of the Company, representing an aggregate beneficial ownership interest of approximately 45.7% of the issued and outstanding ...