TORONTO and KNOXVILLE, Tenn., Oct. 09, 2020 (GLOBE NEWSWIRE) — Solar Alliance Energy Inc. (‘Solar Alliance’ or the ‘Company’) (TSX-V: SOLR, OTC: SAENF) has received final approval from the TSX Venture Exchange (the ‘Exchange’) to amend the expiry dates of 2,858,999 outstanding common share purchase warrants (“Warrants’). The exercise price on the Warrants will not change from $0.10. The expiry date of the Warrants would have been December 13, 2020 and the amended expiry date is December 13, 2021.
The Company has also received Exchange approval for the settlement of $260,185 of debt through the issuance of common shares of the Company (the “Debt Settlement“). Pursuant to the Debt Settlement, the Company will issue 7,433,857 common shares of the Company (the “Shares“) at a deemed price of $0.035 per Share to certain of its directors, officers and service providers (the “Creditors“), pursuant to the temporary relief bulletin issued by the Toronto Stock Exchange (“TSX”) on April 8, 2020.The issuance of Shares to insiders of the Company pursuant to the Debt Settlement is considered to be a related party transaction under Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Debt Settlement by insiders does not exceed 25% of the fair market value of the Company’s market capitalization.All securities issued in relation to the Debt Settlement will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.Myke Clark, CEOAbout Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects with a combined capital cost exceeding $1 billion that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers’ vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.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 “would”, “will”, “expected” and “estimated” 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 Company’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.“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.”
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