- UGE International (UGE) has announced a brokered private placement of green bonds for gross proceeds of up to $3,000,000
- The green bonds will have a term of four years and bear interest at an annual rate of 8 per cent
- Each warrant will entitle the holder to purchase one common share of the company at an exercise price of $1.50 for a period of 18 months
- Net proceeds from the offering will be used to develop solar projects
- UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad
- UGE International Ltd. opened trading at $0.90 per share
UGE International (UGE) has announced a brokered private placement of green bonds for gross proceeds of up to $3,000,000.
Canaccord Genuity Corp will lead the offering on behalf of a syndicate of agents.
The green bonds will have a term of four years and bear interest at an annual rate of 8 per cent, payable semi-annually and will be secured against a pool of the company’s solar and battery storage development projects.
Subscribers will also receive 70 common share purchase warrants for each green bond.
Each such warrant will entitle the holder to purchase one common share of the company at an exercise price of $1.50 for a period of 18 months.
UGE and its subsidiaries will use the net proceeds from the offering to develop solar projects.
Computershare will act as the trustee for the bond. The green bonds and the warrants will be subject to a four-month hold period.
The company intends to list the green bonds for trading on the TSX Venture Exchange after the four-month hold period expires.
UGE develops, owns, and operates commercial and community solar projects in the US and strategic markets abroad.
UGE International Ltd. opened trading at $0.90 per share.