- Solar Alliance Energy (SOLR) has closed the book on a fully subscribed C$5 million marketed private placement
- The company entered into an agreement with Echelon Wealth Partners Inc. as the sole agent
- The offering has been fully subscribed and is expected to close on or about February 18, 2021
- Each unit will consist of one common share in the capital of the company and one common share purchase warrant of the company
- Solar Alliance Energy is up 8.16 per cent to C$0.53 per share
Solar Alliance Energy (SOLR) has closed the book on a fully subscribed $5 million marketed private placement.
The company entered into an agreement with Echelon Wealth Partners Inc. as the sole agent, pursuant to which the agent has agreed to a marketed private placement of up to 11,910,000 units of the company at a price of $0.42 per unit, for total gross proceeds of up to $5,002,200.
The offering has been fully subscribed and is expected to close on or about February 18, 2021.
Each unit will consist of one common share in the capital of the company and one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price per warrant share of $0.60 for a period of 24 months from the closing date of the offering.
The company has granted the agent an option to purchase up to an additional 15 per cent of the offering in units, exercisable in whole or in part at any time up to 48 hours prior to the closing date.
The net proceeds from the sale of the units will be used to fund advancement of the company’s solar product suite and for working capital purposes.
The closing of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final approval of the TSX Venture Exchange. The securities issuable under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering.
In connection with the offering, the agent will receive a cash commission of 7.0 per cent of the gross proceeds of the offering and that number of non-transferable compensation options as is equal to 7.0 per cent of the aggregate number of units sold under the offering.
Each compensation option is exercisable into one common share of the company at the issue price for a period of 24 months from the closing date of the offering.
Solar Alliance Energy is up 8.16 per cent to C$0.53 per share.