UGE Announces Closing of Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - February 25, 2020) - UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in commercial and community solar energy solutions, is pleased to announce that it has completed a non-brokered private placement of 3,000,000 units ("Units") today, with each such Unit consisting of one common share (the "Common Shares") and half of one common share purchase warrant (each whole warrant, a "Unit Warrant") at an issuance price of $0.26 per Unit for aggregate gross proceeds of $780,000 (the "Offering"). Each Unit Warrant entitles the holder to purchase one Common Share at an exercise price of $0.33 per share for a period of 18 months from the date of issuance. The Unit Warrants automatically accelerate their expiry in the event the trading price of the Common Shares on the TSX Venture Exchange equals or exceeds $0.38 for ten (10) consecutive trading days.
Certain finders of purchasers in the Offering were entitled to receive a cash commission equal to 5% of the gross proceeds from subscribers sourced by such finders as well finder's warrants (the "Finder's Warrants") equal to 5% the number of Units sourced by such finders, resulting in the payment by the Company of $37,050 and the issuance of 142,500 Finder's Warrants today. Each Finder's Warrant has the same terms and conditions as the Unit Warrants.
All of the securities issued by the Company pursuant to the Offering are subject to a hold period equal to four months and one day from the date of issuance.
UGE delivers immediate savings to businesses through the low cost of solar energy. We help commercial and industrial clients become more competitive by providing low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 380 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
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.
Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for UGE's products and the availability of funding. These forward-looking statements are made as of the date hereof and UGE does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from UGE's expectations and projections.
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