UGE International Announces Private Placement Has Been Upsized and Is Fully Subscribed

Toronto, Ontario--(Newsfile Corp. - December 10, 2020) - UGE International Ltd. (TSXV: UGE) (the "Company" or "UGE"), a leader in renewable energy solutions for the commercial and industrial sector, is pleased to announce that, further to the Company's press release dated December 9, 2020 announcing a non-brokered private placement (the "Offering"), the Company now has a fully allocated private placement of 900,000 units for proceeds of $1,620,000 and intends to close the Offering on or before December 18, 2020.

The Company increased the Offering to meet increased demand. The Offering as subscribed for will consist of the issuance of 900,000 units ("Units"), each Unit consisting of one common share in the capital of the Company (the "Common Shares") and half of one common share purchase warrant (each whole warrant, a "Unit Warrant") at an issuance price of $1.80 per Unit for aggregate gross proceeds of $1,620,000. Each Unit Warrant will entitle the holder to purchase one Common Share at an exercise price of $2.40 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 $3.00 for ten (10) consecutive trading days.

Closing of the Offering remains subject to receipt of all necessary regulatory and stock exchange approvals, and securities issued by the Company pursuant to the Offering are subject to a hold period equal to four months and one day from their date of issuance.

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 low cost distributed renewable energy solutions at no upfront cost and maximum long-term benefit. With over 400MW 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
investors@ugei.com

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 may 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. There can be no guarantee that the Offering will close, or that it will close based on the fully subscribed amounts referenced herein.

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