- UGE International (UGE), a leader in the commercial and community solar sector, closes brokered private placement of $2,225,000
- Green debentures mature four years from the closing date of the offering and generate 8 per cent interest per year
- UGE (UGE) develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad
- UGE (UGE) is up today, trading at C$1.00 as of Jul 28, 12:21 p.m. ET
UGE International (UGE), a leader in the commercial and community solar sector, has closed brokered private placement of $2,225,000.
The company issued Green Debentures that mature four years from the closing date of the offering and generate 8 per cent interest per year. Interest is payable semi-annually in arrears calculated on the last calendar day of June and December, starting December 31, 2022. The debentures are secured against a pool of the company’s solar development projects.
Each debenture consists of 70 common share purchase warrants, at an exercise price of $1.50 for 18 months from closing date.
The offering was led by Canaccord Genuity, along with PI Financial and IA Securities (agents) in accordance with the terms and conditions of an agency agreement. The agents will receive 6 per cent of the gross proceeds from the sale of the Green Debentures and 66,750 common share purchase warrants of the company.
Net proceeds will be utilized for the development of solar projects of UGE and its subsidiaries. All securities issued are subject to a statutory four month hold period. The company intends to list the Green Debentures on the TSX-V following the four month hold period.
UGE (UGE) develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad.
UGE (UGE) is up today, trading at C$1.00 as of Jul 28, 12:21 p.m. ET.