VANCOUVER, British Columbia, Jan. 19, 2018 (GLOBE NEWSWIRE) —
Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V:SOLR) announces that it has entered into a convertible loan agreement with a lender for $2,000,000 (the “Loan”) to fund its ongoing residential and commercial solar operations and expansion plans.
The Loan has a term of one year and will bear interest at a rate of 12% per annum, with interest and principal payable on the maturity date. The Lender shall have the option at any time of converting all or some of any outstanding principal or interest into shares of the Company. The conversion price is $0.08 per share. Any securities issued under the proposed loan transaction will be subject to a four-month hold period from the date of the issue of any shares.
“This convertible loan will provide us with the working capital to grow our residential and commercial solar business,” said Chairman and CEO Jason Bak. “The recent acquisition of a commercial solar company and the completion of the $1.4 million Concord Green Energy transaction provide Solar Alliance with the capital and the talent needed to grow our business.”
The Loan and the loan agreement are subject to TSX Venture Exchange acceptance.
Jason Bak, Chairman and CEO
|For more information:|
|Solar Alliance Investor Relations
Pinnacle Capital Markets
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a sales, marketing and development company focused on residential, commercial and industrial solar installations. Since we were founded in 2003, we have developed wind and solar projects that provide enough electricity to power 150,000 homes. Solar Alliance is committed to an exceptional customer experience, effective marketing campaigns and superior lead generation in order to drive sales and generate value for shareholders. Our passion is improving life through ingenuity, simplicity and freedom of choice. We make solar simple and our goal is to install solar on every available rooftop in America.
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.”