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     105  0 Kommentare Solar Alliance closes shares for debt settlements

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

    TORONTO and KNOXVILLE, Tenn., June 17, 2024 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar energy solutions provider focused on the commercial and industrial solar sector, announces that it has closed: (a) the debt transaction with certain directors of the Company, as previously announced on March 1, 2024 (the “First Debt Settlement”) and (b) the debt transaction with Tom Anderson, an Insider of the Company, as previously announced on May 15, 2024 (the “Second Debt Settlement”, and together with the First Debt Settlement, the “Debt Settlements”)

    Under the First Debt Settlement, the Company settled aggregate debt of $160,000 accrued liabilities for directors' fees owed to certain current directors of the Company through the issuance of 2,909,090 common shares of the Company (the “Director Shares”) at a deemed price of $0.055 per Director Share. Under the Second Debt Settlement, the Company settled aggregate debt of $115,000 owed to Mr. Anderson, with respect to loans provided by Mr. Anderson to the Company through the issuance of 2,300,000 common shares of the Company (the “Insider Shares”, and together with the Director Shares, the “Shares”) at a deemed price of $0.05 per Insider Share. The loan was for $100,000 (the “Loan”) and was provided by Mr. Anderson to the Company on February 27, 2204. The Loan was unsecured, bore interest at 15% per annum and was due to mature on February 27, 2025 (the “Maturity Date”). Repayment of the Loan prior to the Maturity Date requires an early repayment fee equal to the amount of interest payable per annum.   

    The Company issued the Shares to settle the debts in order to preserve cash for general working capital purposes. The Debt Settlements are subject to the final approval of the TSX Venture Exhchange. The Shares issued pursuant to the Debt Settlements are subject to a four month and one day hold period, which will expire on October15, 2024.

    Related Party Transaction and Early Warning Report

    The directors and Mr. Anderson that participated in the Debt Settlements are insiders of the Company, and accordingly, the Debt Settlements and the Loan are each considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Company relied on the exemptions from the requirement for a formal valuation and minority shareholder approval under MI 61-101 on the basis of the exemptions contained in section 5.5(1)(a) and section 5.7(1)(a) of MI 61-101, as the fair market value of the Shares issued to insiders in connection with the Debt Settlements and the fair market value of the Loan did not exceed 25% of the Company’s market capitalization.

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    Solar Alliance closes shares for debt settlements NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO and KNOXVILLE, Tenn., June 17, 2024 (GLOBE NEWSWIRE) - Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR), a leading solar …