Vancouver, Canada and San Diego, California May 17, 2016 â€“ Solar Alliance Energy, Inc. (â€˜Solar Allianceâ€™) or (the â€˜Companyâ€™) (TSX-V: SAN, OTCQB: SAENF) is pleased to announce that it has received final approval from the TSX Venture Exchange for the closing of the first tranche of its non-brokered private placement financing previously announced on March 15, 2016.
The first tranche consisted of 8,279,757 share units (â€œUnitsâ€) for gross proceeds of $579,583, at a price of $0.07 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each share purchase warrant is exercisable into one common share of the Company with an exercise price of $0.10 per share purchase warrant for a two-year exercise period.
The first tranche of the private placement includes insider participation, consisting of $363,993 from Chairman and CEO Jason Bak and family insiders, and $35,000 from CMO Michael Clark.
â€œThe investment by insiders in this private placement represents the confidence we have in the direction and potential of Solar Alliance,â€ said Chairman and CEO Jason Bak. â€œThe solar industry in America is expanding rapidly and our Company is perfectly positioned to take advantage of that growth. The investment by myself and the other insiders illustrates the underlying value we see in Solar Alliance and the strong potential for increased shareholder value in the future.â€
Solar Alliance may obtain subscriptions for another tranche of the private placement. The closing of any additional tranches are subject to receipt of regulatory approvals, including acceptance by the TSX Venture Exchange.
Chairman and CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is a solar sales and marketing firm focused on residential solar installations.Â Our mission is to encourage the transition to an independent, distributed solar market through a strong management team that combines technical, sales, marketing and financial expertise. 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. Since its inception in 2003, Solar Alliance has developed over 360 megawatts of renewable energy projects and subsequently sold them to utilities or large independent power producers, and has installed more than 2,000 residential solar systems in southern California. Solar Alliance is located in Vancouver, British Columbia and San Diego, California.
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 â€œwouldâ€, â€œwillâ€, â€œexpectedâ€ and â€œestimatedâ€ 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 Companyâ€™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.
â€œNeither 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.”
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.Â The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the â€œU.S. Securities Actâ€) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.