Aurora Solar Technologies Closes First Tranche of Private Placement

North Vancouver, British Columbia--(Newsfile Corp. - March 5, 2020) -  Aurora Solar Technologies Inc. (TSXV: ACU) (OTC Pink: AACTF) (FSE: A82) ("Company") is pleased to announce that it has closed the first tranche of a non-brokered private placement of 16,840,000 units ("Units") at a price of $0.10 per Unit for gross proceeds of $1,684,000. Each Unit consists of one common share (a "Share") and one share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one additional Share (a "Warrant Share") for a period of 12 months at a price of $0.15 per Warrant Share.

The Company paid $64,800 in cash and issued 85,500 Units as finders' fees.

All securities will be subject to a 4-month hold period which expires on July 6, 2020. The funds will be used for working capital for new product development and market introduction, to expand delivery and support operations, and for general corporate purposes.

About Aurora Solar Technologies:

Aurora Solar Technologies is a leader in the development and delivery of inline process measurement, analysis and control systems for solar cell manufacturers. We believe that solar power will dominate the renewable energy field, and our mission is to bring quality and profitability to every customer through superior control of critical processes during solar cell manufacturing.

Aurora's products are used by some of the world's most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Shanghai, China and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora's website is located at www.aurorasolartech.com.

For further information contact:

Gordon Deans, P.Eng.
President and Chief Executive Officer
Aurora Solar Technologies Inc.
Phone: +1 (778) 241-5000
info@aurorasolartech.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53192

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