Solar Alliance Energy Inc.
Solar Alliance Completes Debt Settlement and Announces Private Placement
Monday, February 11, 2019 5:05 PM
VANCOUVER, 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 the market, privately or otherwise, as circumstances or market conditions warrant. The early warning report filed by Mr. Anderson may be found under the Company's profile at www.sedar.com.
The Company also announces that it intends to issue 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. The pricing of the private placement is in reliance on the temporary relief measures established by the TSX Venture Exchange (the "Exchange"), and requires approval of the Exchange having regard to the temporary relief criteria set out in the exchange's bulletin of April 7, 2014.
For more information:
Jason Bak, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an international energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. The words "would", "will", "expected" and "estimated" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different than those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the ability to raise sufficient capital, changes in economic conditions or financial markets, litigation, legislative or other judicial, regulatory and political competitive developments and technological or operational difficulties. Consequently, actual results may vary materially from those described in the forward-looking statements.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Solar Alliance Energy Inc.