Business
Solar Alliance Completes Debt Settlement and Announces Private Placement
VANCOUVER, BC AND KNOXVILLE, TN / ACCESSWIRE February 11th, 2019 / Solar Alliance Energy Inc....
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Completes Debt Settlement and Announces Private PlacementVANCOUVER, BC AND KNOXVILLE, TN / ACCESSWIRE February 11th, 2019 / Solar Alliance Energy Inc. (‘Solar Alliance') or (the ‘Company') (TSX-V: SOLR) is pleased to report that, as announced on November 29, 2018, it has issued a total of 92,601,416 common shares, at a price of $0.03 per share, to a company controlled by Tom Anderson, to settle a total of $2,778,042, of principal and interest to January 31, 2019. Mr. Anderson is a private investor and entrepreneur with extensive experience, inter alia, in the Leisure & Entertainment, Oil and Gas, Bioscience, Industrial Tools Software and Healthcare businesses. In addition, the Company has issued a total of 7,297,920 common shares, at a price of $0.05 per share, to three companies controlled by officers of the Company as settlement of an aggregate of $364,896 consulting fees accrued to January 31, 2019. The Company's disinterested shareholders approved the issue of these shares on December 21, 2018 and the TSX Venture Exchange approved the issue on February 7, 2019.\"The conversion of debt from Mr. Anderson is a strong indication of support for Solar Alliance's long-term business plan in the U.S. solar industry and aligns the Company with a high net worth individual committed to Solar Alliance's long-term success,\" said Chairman and CEO Jason Bak. \"The support of Mr. Anderson will allow us to continue moving forward with expansion of our commercial solar sales pipeline and the rollout of our SunBox standard solar system for residential builders. The conversion of debt from the management team illustrates our commitment to, and belief in, the long-term success of Solar Alliance and allows the Company to focus its capital on the achievement of key milestones,\" concluded Bak.The issue of these common shares increases the number of common shares under the control of Mr. Anderson from 6,241,666 to 98,843,082 which results in Mr. Anderson being a new control person of the Company as he now owns or controls 50% of the common shares of the Company. Mr. Anderson has acquired the shares for investment shares and neither he, nor the companies he controls, have any present intention to acquire further securities of the Company although Mr. Anderson may acquire or dispose of common shares of the Company in ...