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UGE Announces Closing of Bought Deal Private Placement Offering

Toronto, Ontario--(Newsfile Corp. - June 27, 2017) - UGE International Ltd. (TSXV: UGE) (OTCQB: UGEIF) ("UGE" or the "Company"), a leader in renewable energy solutions for the commercial and industrial sector, is pleased to announce that it has closed a bought deal private placement offering (the "Offering"), initially announced June 6, 2017. The Offering was fully subscribed, including the over allotment option, and totaled 3,450,000 units (the "Units") at a price of $0.60 per Unit for aggregate gross proceeds of $2,070,000. Each Unit consists of one common share in the capital of the Company (the "Common Shares") and one half of one Common Share purchase warrant (each whole warrant a "Warrant" and collectively, the "Warrants"), with each whole Warrant being exercisable for one Common Share (the "Warrant Shares") at an exercise price of $0.80 per share for a period of 24 months from the date of issuance. 

Pursuant to the terms of an underwriting agreement (the "Underwriting Agreement") entered into among UGE, Canaccord Genuity Corp., as lead underwriter (the "Lead Underwriter"), and PI Financial Corp. and Haywood Securities Inc. (together with the Lead Underwriter, the "Underwriter") dated June 27, 2017, the Underwriters received broker warrants equal to 7% of the total Units sold in the Offering (the "Broker Warrants"). Each Broker Warrant may be exercised by the holder for one Common Share at an exercise price of $0.60 per share for a period of 24 months from date of issuance. The Underwriters also received a cash commission equal to 7% of the total gross proceeds raised in the Offering.

Net proceeds of the Offering will be used to fund the Company's general working capital, as well as to maintain financial strength and flexibility going forward.

The securities offered pursuant to the Offering have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold, directly or indirectly, within the United States (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company within the United States.

All of the securities issued pursuant to the Offering will be subject to a four-month hold period which will expire four months and one day from the date of closing.

About UGE

UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing distributed renewable energy solutions at no upfront cost, generating long term economic and environmental returns. With over 330 MW of global experience, we work daily to power a more sustainable world. Visit us at www.ugei.com.

For more information, contact UGE at:
+1 917 720 5685
press@ugei.com

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