Solar Alliance Energy Closes Book on $5 Million Marketed Private Placement of Units

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, Feb. 05, 2021 (GLOBE NEWSWIRE) — SOLAR ALLIANCE ENERGY INC. (TSXV: SOLR) (the “Company” or “Solar Alliance“) is pleased to announce it has closed the book on a fully subscribed $5 million marketed private placement announced on January 29, 2021. The Company entered into an agreement with Echelon Wealth Partners Inc. as sole agent (the “Agent“), pursuant to which the Agent has agreed to a marketed private placement of up to 11,910,000 units of the Company (the “Units“) at a price of $0.42 per Unit (the “Issue Price”), for total gross proceeds of up to $5,002,200 (the “Offering“). 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 (a “Common Share”) in the capital of the Company and one Common Share purchase warrant (a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant 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% 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% of the gross proceeds of the Offering and that number of non-transferable compensation options (the “Compensation Options”) as is equal to 7.0% 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.The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.Myke Clark, CEOAbout Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in Tennessee, Kentucky, Illinois and North/South Carolina and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion 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: ability to complete the Offering on the terms announced or at all, ability to allocate use of proceeds from the Offering as contemplated, 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.”