/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Jan. 29, 2021 /CNW/ - SOLAR ALLIANCE ENERGY CORP.
(TSXV: SOLR) (the "Company" or "Solar Alliance") is
pleased to announce it has 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").
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 Offering is expected to close on or about February 18, 2021 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange and the applicable securities regulatory authorities. The
Units to be issued 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.
About Solar Alliance Energy Corp.
Solar Alliance is an energy solutions provider focused on
residential, commercial and industrial solar installations. The
Company operates in Tennessee,
Kentucky, Illinois, North/South Carolina and California and has an expanding pipeline of
solar projects. Since it was founded in 2003, the Company has
developed $1 billion of renewable
energy projects 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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Michael Clark, Chairman and
CEO
Forward-Looking and Cautionary Statements
This news release includes certain forward-looking statements
concerning the Offering and the use of the net proceeds therefrom,
as well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, the effectiveness and feasibility of emerging
lithium extraction technologies which have not yet been tested or
proven on a commercial scale or on the Company's brine, competitive
risks and the availability of financing, as described in more
detail in our recent securities filings available at www.sedar.com.
Actual events or results may differ materially from those projected
in the forward-looking statements and we caution against placing
undue reliance thereon. We assume no obligation to revise or update
these forward-looking statements except as required by applicable
law. Neither the 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.
SOURCE Solar Alliance Energy Corp.