Business
Solar Alliance Management and Insiders to Lead $300,000 Private Placement
VANCOUVER, BC and KNOXVILLE, TN / ACCESSWIRE / August 6, 2019 / Solar Alliance E...
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"Solar Alliance Management and Insiders to Lead $300,000 Private PlacementVANCOUVER, BC and KNOXVILLE, TN / ACCESSWIRE / August 6, 2019 / Solar Alliance Energy Inc. (\"Solar Alliance\" or the \"Company\") (TSXV:SOLR)(OTC:SAENF) is pleased to announce that management and insiders of the Company will participate as lead investors in a $300,000 private placement. “Management and insiders of the Solar Alliance are committed to the current business plan that has resulted in incredible growth year to date,” said CEO Myke Clark. “In order to unlock significant value in our project pipeline and manage increased sales, we are providing additional working capital to the Company. Insiders are confident in the continued growth and upside of Solar Alliance and will be participating in the private placement. In order to conserve cash, senior management is also converting accrued fees into shares so we can focus all of our resources on building out our pipeline as quickly as possible, growing our business and achieving profitability. As CEO, I am confident we are on the right track and I have committed to deferring any cash salary until we reach that profitability.”The Company intends to issue 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 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 $0.07 per Share for a period of one year from the date of issue. CEO Myke Clark, Chairman Jason Bak and control shareholder Tom Anderson are expected to participate in the private placement.The Company has reached agreement (“Debt Settlement Agreement”) with certain senior management to fully settle an aggregate of $163,333.33 of unpaid fees for shares in the Company. Pursuant to the Debt Settlement Agreement, the Company would issue up to 3,266,666 common shares of the Company at a deemed price of $0.05 per Share to CEO Michael Clark and Golden Oak Services, which provides CFO and Corporate Secretary services to Solar Alliance. The Debt Settlement Agreement and the private placement are subject to the approval of th...